Launched in 2004, Visa Wave is a form of contactless payment that removes the need to physically swipe or insert a smart card into a payment reader. It is an EMV-based contactless payment credit card utilising radio frequency (RF) technology that allows payment to be conducted by simply "waving" it in front of a reader.
Faster transaction time of 2 seconds can be expected by using the Visa Wave. Currently, there are around 2500 merchants are using this facilities throughout Malaysia.
(Source: TheStar InTech 12th April 2007)
Some of the benefits of Visa Wave based on the survey conducted during the pilot study in Malaysia.
- Requires no signature and no card exchange at the point-of-sale
- Empowers cardholders with greater convenience, choice and flexibility in paying for goods and services
- Functions as a 3-in-1 card: Visa Wave can be used not only as a contactless card at places where the Visa Wave logo is displayed but also as a regular Visa card at more than 24 million acceptance locations and close to one million ATMs worldwide.
- 73 percent of cardholders prefer to use their Visa Wave card at key fast food chains
- Provides greater speed of handling payment, allowing staff to attend to other customers more quickly
- By leveraging the industry-wide standard for smart cards, EMV, acts as a powerful tool against counterfeiting and fraud
- Enhances customers’ satisfaction with a modern, fast and convenient way to pay, leading to greater customer spend and loyalty
- 80 percent of merchants researched say that Visa Wave is a more secure payment than cash
- 70 percent of merchants commented that Visa Wave transactions are faster than other payment cards and speed up the process in store
- 80 percent of merchants find Visa Wave efficient and 95 percent would like to accept Visa Wave payments in the future.
For Financial Institutions:
- Enhances their offering to their customers – cardholders and merchants alike – with a new, fast, smart and convenient way to complete a transaction
- Grants access to new merchant categories – e.g. quick service restaurants and other ‘low ticket’ merchant segments
- Leverages the full benefits of EMV global smart card technology