SAN FRANCISCO--(BUSINESS WIRE)--Nov. 4, 2008--Visa Inc. (NYSE: V)
and U.S. Bancorp (NYSE: USB) today announced a pilot program designed
to test consumer preferences for an alternative electronic payment
device, the Visa Micro Tag, the smallest Visa payWave-enabled device
currently available. The U.S. Bank Visa Micro Tag easily attaches to a
key ring and allows Micro Tag holders to simply wave and pay.
U.S. Bank plans to distribute more than 4,000 prepaid Visa Micro
Tags to employees in November 2008 to collect feedback on design,
functionality and ease-of-use of the devices. Employees across the
country will receive the U.S. Bank Visa Micro Tag which is tied to a
prepaid U.S. Bank Visa gift account. The U.S. Bank Visa Micro Tag can
be used to make purchases anywhere Visa payWave is accepted.
The Visa Micro Tag was first introduced in 2007 and can be used
with credit, debit or prepaid accounts. Micro Tags are enabled by Visa
payWave technology, based on a tiny chip embedded in the device that
enables consumers to pay by simply waving the U.S. Bank Visa Micro Tag
in front of a contactless payment terminal without the need to
physically swipe or insert the device. Designed to be small and
durable, the U.S. Bank Visa Micro Tag makes paying for purchases
faster and more convenient.
"Consumers today want access to their financial accounts quickly
and securely," said Pat Coll, executive vice president of U.S. Bank
Retail Payment Solutions. "New payment devices, such as the Visa Micro
Tag, allow consumers to conveniently use electronic forms of payment
for small ticket purchases, such as concessions at a sporting event, a
soda at a vending machine, or a cup of coffee, while also providing an
added layer of security."
U.S. Bank Visa Micro Tags display the Visa and U.S. Bank brands
and the contactless indicator. A Visa account number is not required
to be embossed or printed on the device. This provides an additional
layer of security for consumers who choose to carry their U.S. Bank
Visa Micro Tag in visible ways, such as on a keychain.
Visa Micro Tags can be manufactured and personalized easily in a
process similar to that of standard cards. This helps issuers control
costs while more readily providing an exciting new payment choice to
consumers. The Visa Micro Tag also can be manufactured in a variety of
shapes and sizes from flat to three-dimensional delivering innovative
payment product design options. The U.S. Bank Visa Micro Tags were
manufactured by Giesecke & Devrient (G&D) using the MicroPass(R) chip
from INSIDE Contactless. The Visa Micro Tag is not available in
"One of the advantages of Visa payWave technology is that it
offers consumers payment choices that deliver the same security, speed
and convenience they have come to expect from Visa," said Tim
Attinger, Head of Global Product Innovation at Visa Inc. "We're
excited about the opportunity to partner with U.S. Bank to test the
Visa Micro Tag and bring consumers payment options that fit their
About Visa payWave
Since its introduction in 2005, Visa's contactless technology has
grown rapidly in popularity. Customers with Visa payWave cards in the
U.S. enjoy the convenience of not having to sign for payments under
$25, a feature that also benefits merchant locations where speed is
important and where cash has been the traditional means of payment.
The technology is already in use at thousands of convenience stores,
sporting venues, gas stations and fast food restaurants around the
Visa has high security standards and risk management processes in
place to protect Visa transactions, and Visa payWave-enabled payments
are no exception. Visa is currently migrating to a new specification
for Visa payWave transactions, based on the global standard for chip
card technology that ensures all Visa payWave enabled cards and
devices can be used around the world.
Visa's new contactless specification is based on EMV technology,
enabling transactions in both offline and online processing mode. In
addition, the global specification is compatible with existing Visa
payWave programs launched worldwide, and provides enhanced security of
contactless transactions, while providing functionality and
flexibility for issuers in diverse geographic areas. The specification
also includes requirements for the speed of communication between card
Cardholders with Visa payWave-enabled products receive all the
same security protections the industry has come to expect from Visa,
including (1)zero liability for fraudulent charges and Visa's multiple
layers of security technology. Cardholders making purchases with Visa
payWave-enabled products enjoy additional layers of security because
the payment device never leaves the customer's hand, can only be read
at extremely close proximity to a reader, and generates a dynamic
cryptogram that uniquely identifies each Visa payWave transaction with
the global Visa payment network. Visa Micro Tag
(1) Visa's Zero Liability policy covers U.S.-issued cards only and
does not apply to ATM transactions, PIN transactions not processed by
Visa, or certain commercial card transactions. Cardholder must notify
issuer promptly of any unauthorized use. Consult issuer for additional
details or visit www.visa.com/security.
About Visa Inc.
Visa Inc. 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 unsurpassed 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.corporate.visa.com.
About U.S. Bank
U.S. Bancorp, with $247 billion in assets, is the parent company
of U.S. Bank, the 6th largest commercial bank in the United States as
of June 30, 2008. The company operates 2,556 banking offices and 4,903
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: Visa Inc.
Elvira Swanson, 415-932-2564
Jennifer Wendt, 612-303-0731
SOURCE: Visa Inc. and U.S. Bancorp