DENVER--(BUSINESS WIRE)--Nov. 20, 2006--A group of U.S. Bank
customers in the Denver area will soon be able to use a new
"contactless" feature with their U.S. Bank Visa Credit Cards that
allows them to quickly pay for purchases by holding their card in very
close proximity to a secure reader at checkout instead of swiping it
or handing it to a cashier.
The new contactless technology makes it easy for consumers to use
their credit cards to quickly and securely pay for simple purchases -
such as fast food, movie tickets, or convenience items - and carry
less cash. More than 600 merchant locations in the Denver area are
ready to accept payments with contactless cards. Consumers can
identify whether a merchant has a contactless reader by the symbol on
Merchants like contactless cards because it expedites the
transaction and allows their employees to focus more on customer
service. Visa estimates that the average transaction is 25 percent
faster than using cash.
"U.S. Bank, through its partnership with Visa, has long been at
the forefront of innovation in the area of cards and payments. This
latest innovation and introduction of contactless is a reflection of
our consumer and merchant customers' desire to pay and go quickly and
securely," said Patrick Coll, executive vice president of retail
payments at U.S. Bank. "We anticipate enthusiastic acceptance in
Denver and look forward to expanding the program."
Cards must be held within two inches of the reader to be accepted
and data is protected with encryption technology that reduces the risk
of fraud. Contactless cards will carry the same zero liability
protection and will have the same behind-the-scenes fraud monitoring
that is standard with Visa credit cards.
Customers in the pilot will receive their new contactless credit
cards in November. Customers who receive the contactless card will
also be able to continue swiping the card at merchants that don't have
the contactless feature. U.S. Bank expects to make the feature
available to more of its credit card customers in the near future.
U.S. Bancorp (NYSE:USB), with assets of $217 billion, is the 6th
largest financial holding company in the United States. The company
operates 2,467 banking offices and 4,943 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 is the parent company of U.S. Bank.
Visit U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. Bank Media Relations
Teri Charest, 612-303-0732
SOURCE: U.S. Bank