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Wells Fargo Goes Contactless

by Peter Andrew

Wells

Fargo Goes Contactless

Wells Fargo announced today that it would begin offering Visa

Contactless, a radio frequency credit card processing chip,

in its Platinum and Signature Visa cards starting in the second

half of this year. Visa Contactless allows cardholders to hold

their cards near a secure reader to check out instead of swiping

the cards or handing them to a cashier. In addition, cardholders

will not be required to provide a signature for most purchases

under $25, and contactless merchants will not have to provide

a receipt for purchases under $25 to cardholders (unless requested

by the cardholder).

Cardholders

also still be able to use their cards in the traditional wayas

well.

According

to Brian Triplett, senior vice president of emerging product

development at Visa, "Almost 4.5 million Visa cards are

equipped with the contactless feature and more than 30,000 merchant

locations in the U.S. accept contactless payments."

MasterCard

has been actively rolling out a competing product to Visa Contactless

with its PayPass card technology.

Published 06/14/06 (Modified 05/07/12)


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