MINNEAPOLIS--(BUSINESS WIRE)--June 2, 2008--U.S. Bank has
partnered with Visa to issue debit cards with the Visa payWave feature
to customers in four states. The program brings the speed and
convenience of Visa payWave transactions to U.S. Bank debit
cardholders in California, Colorado, Missouri, and Utah.
Visa payWave technology enables customers to make a purchase by
simply holding their card near a secure reader at checkout instead of
swiping it. Cards must be held within two inches to be accepted, and
there is no need for the customer to hand the card to a cashier.
"At U.S. Bank, we know our customers appreciate payment products
and services that are convenient and secure," said Lynn Heitman,
senior vice president of U.S. Bank Retail Payment Solutions. "Visa
payWave debit cards will allow our customers to make everyday
purchases faster and easier than having to fumble for cash."
Each U.S. Bank Visa payWave-enabled card contains a tiny micro
chip that sends payment information to a contactless card reader via
short-range radio frequency waves. The information does not contain
the cardholder's name, and includes an encrypted security code that is
unique to each transaction. Payment cards with Visa payWave carry the
same zero liability protection and will have the same
behind-the-scenes fraud monitoring that is standard with all U.S. Bank
Visa debit cards.
"Consumers today are constantly on-the-go and want fast and
convenient payment solutions," said Pam Zuercher, head of product
innovation, Visa Inc. "By offering Visa payWave debit cards, U.S. Bank
is providing its customers the convenience they demand, while also
delivering an added layer of security."
U.S. Bank customers in Denver and Salt Lake City who already hold
a debit card can visit any local U.S. Bank branch and request a new
card with Visa payWave functionality. Select customers in California
and Missouri have automatically received an upgrade to the Visa
Denver has seen a recent increase in investment from U.S. Bank as
the company has made Denver one of its "PowerBank" markets, complete
with more employees, refreshed branches, greater advertising and
special programs. Issuing check cards with Visa payWave in Denver
represents another way U.S. Bank is delivering on its PowerBank
commitment of increased investment through better products and
U.S. Bank is also working with USA Technologies to install 400
contactless vending machines in the Denver area, providing U.S. Bank
customers with Visa payWave-enabled cards even greater customer
convenience and more places to use their new contactless card.
Visa operates the world's largest retail electronic payments
network providing processing services and payment product platforms.
This includes consumer credit, debit, prepaid and commercial payments,
which are offered under the Visa, Visa Electron, Interlink and PLUS
brands. Visa enjoys acceptance around the world and Visa/PLUS is one
of the world's largest global ATM networks, offering cash access in
local currency in more than 170 countries. For more information, visit
U.S. Bancorp (NYSE:USB), with $242 billion in assets, is the
parent company of U.S. Bank, the 6th largest commercial bank in the
United States. The company operates 2,522 banking offices and 4,844
ATMs, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
CONTACT: U.S. Bank Media Relations
Teri Charest, 612-303-0732
Elvira Swanson, 650-432-8352
SOURCE: U.S. Bank