New FlexPerks Travel Rewards Visa(R) Signature Credit Card Offers
Widespread Global Acceptance and Improved Security
MINNEAPOLIS, Jun 10, 2011 (BUSINESS WIRE) --
U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), in partnership with
Visa (NYSE: V) and Oberthur Technologies, announced its release of a
dual interface payment solution that offers enhanced acceptance and
compatibility with credit cards systems worldwide. The new U.S. Bank
FlexPerks Travel Rewards Visa(R) credit card combines Visa payWave, EMV
chip, and magnetic stripe technologies, enabling customers to have the
best experience possible wherever they use their cards.
"U.S. Bank is pleased to be the first issuer in the United States to
provide dual interface EMV cards that can be conveniently used anywhere
- whether it be a chip-card reader with a merchant overseas or a
contactless payment terminal or magstripe reader here in the United
States," said Cliff Cook, chief marketing officer for U.S. Bank Retail
Payment Solutions. "While we believe EMV is important for our
international travel cardholders, we are committed to driving
contactless mobile payments in the United States."
Visa payWave employs the latest contactless technology for sending
payment information to a secure reader at the point of sale. Similar to
EMV, a special computer chip is embedded in the card, allowing the
customer to simply 'wave and go' when making a purchase. Transactions
are processed through the same, reliable payment network as magnetic
stripe transactions and offer the same multiple layers of security
protection. U.S. Bank provides zero fraud liability for unauthorized
"U.S. Bank's implementation allows cardholders a more positive payment
experience, whether it's speeding through contactless transactions or
traveling in countries that rely on EMV chip," said Stephanie Ericksen,
head of chip product integration, Visa Inc. "Visa is delighted to
support U.S. Bank in its effort to offer their customers the convenience
and ease of acceptance made possible by dual interface EMV cards."
The dual interface smart cards, manufactured and personalized in the
United States by Oberthur Technologies, will be introduced to more than
20,000 U.S. Bank FlexPerks Visa cardholders this month, with plans to
expand the offering to other travel reward cardholders in the coming
EMV(R) is a global standard for credit and debit payment cards based on
chip card technology with enhanced security. Embedded in the card is a
microprocessor containing the necessary information to make a payment.
Over one billion card users outside the United States are currently
utilizing this technology.
"While EMV is widely accepted internationally, it is still very new to
the United States, but U.S. Bank understands the need for its customers
to be able to access funds while traveling," said Martin Ferenczi,
managing director for the Americas region for the card systems division
at Oberthur Technologies. "Oberthur Technologies offers unique
capabilities to guide its customers through the migration."
U.S. Bank FlexPerks Travel Rewards card offers industry-leading value
and innovation for customers who want travel rewards. Customers have the
flexibility to choose the rewards they want with FlexPerks. In addition
to travel, customers can earn cash back, merchandise, gift cards and
statement credits. Cardholders also enjoy the universal acceptance that
is available to Visa card customers. To learn more about the full suite
of U.S. Bank FlexPerks credit, debit and business products, go to www.usbank.com/flexperks,
or visit any U.S. Bank branch office.
U.S. Bank Retail Payment Solutions (RPS) is one of the nation's leading
payment processing and full-service issuing providers. RPS offers
credit, debit, and prepaid payment solutions to consumers and small
businesses through U.S. Bank and in partnership with financial
institutions, businesses, governments and employers.
About Oberthur Technologies
Oberthur Technologies is a world leader in the field of secure
technologies: systems development, solutions and services for smart
cards (payment cards, SIM cards, access cards, NFC) and for secure
identity documents, traditional and electronic (identity card, passport,
health care card), production of banknotes, cheques and other fiduciary
documents, intelligent systems to secure cash-in-transit and ATM.
Oberthur Technologies has 6,800 employees through 40 countries and 65
sites. The Group posted 2010 sales of EUR 979M. Website www.oberthur.com.
Visa is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200
countries and territories to fast, secure and reliable digital currency.
Underpinning digital currency is one of the world's most advanced
processing networks - VisaNet - that is capable of handling more than
20,000 transaction messages a second, with fraud protection for
consumers and guaranteed payment for merchants. Visa is not a bank and
does not issue cards, extend credit or set rates and fees for consumers.
Visa's innovation, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, ahead of time with
prepaid or later with credit products. For more information, visit www.corporate.visa.com.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $311 billion in assets as of March 31,
2011, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,082 banking offices in
25 states and 5,238 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve, for
which the company earned the 2011 Spirit of America Award, the highest
honor bestowed on a company by United Way. Visit U.S. Bancorp on the web
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SOURCE: U.S. Bank
U.S. Bank Media Relations
Teri Charest, 612-303-0732
Visa Global Corporate Relations
Sandra Chu, 415-932-2564
Leana Benson Hersch, 310-868-1318