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.
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