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U.S. Bank Launches Visa payWave Program on Debit Accounts

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 payWave card.

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 services.

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 www.visa.com.

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
teri.charest@usbank.com
or
VISA
Elvira Swanson, 650-432-8352
elswanso@visa.com

SOURCE: U.S. Bank

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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