Consumer Payment Card News

Contactless Bandwagon

Wells Fargo has jumped on the contactless bandwagon with the upcoming launch of “VISA Contactless” for its “VISA Platinum” and “VISA Signature” cardholders. Wells joins other major issuers such as Chase and Citibank who have launched contactless cards. Chase is the market leader with its “blink” contactless cards with more than six million cards issued to-date. Globally there are almost 4.5 million VISA cards with the contactless feature and more than 30,000 merchant locations in the U.S. accept contactless payments. With contactless technology cardholders simply hold their cards near a secure reader at checkout instead of swiping them or handing them to a cashier. Cardholders will not be required to provide a signature for most purchases under $25, and contactless merchants will not have to provide a receipt for purchases under $25 to cardholders.

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