OREANDA-NEWS. November 13, 2012. Ukreximbank and Visa announce the launch of the first Visa cards in Ukraine enabled with Visa payWave contactless payment technology, reported the press-centre of Ukreximbank.

Visa payWave technology allows cardholders to make payments almost instantaneously in one “wave” at any store equipped with Visa payWave contactless payment readers. The card doesn’t need to be swiped or dipped into the payment terminal, and customers do not have to sign or enter a PIN for transactions up to UAH 200. Moreover, they can simply bring the card closer to the contactless reader without having to take it out from the wallet.

Visa payWave cards meet Visa’s high security standards due to an encrypted security code which is unique for each transaction and is transmitted along with payment information. Furthermore, when making payments consumers bring the card to the contactless terminal with their own hands without giving it to the shop assistant. Merchants also greatly benefit from payWave technology which simplifies payment process, allows faster servicing of clients, cuts the lines in the shopping space and reduces cash handling costs.

“Contactless cards are an innovative service, and we are sure they will be popular in the Ukrainian market”, noted Svitlana Monastyrska, Member of the Board – Deputy Chairman of the Board, JSC Ukreximbank. ? The bank was the first to launch Visa payWave cards as it cares for its clients’ convenience and security of their payments, and applies the new and modern bank solutions to this effect. Besides, as a state-owned bank, we are interested in higher share of non-cash payments to influence positively the financial system and the economy as a whole. For our part, the positive development of this trend will include not only the issuing of contactless cards, but also acquiring and development of the existing payment infrastructure in merchants. To this end, we cooperate actively with our large corporate clients from among retailers, transport and other companies which deal with huge customer flows”.

Visa payWave technology ensures functional compatibility of cards and payment terminals worldwide, and allows using of payWave cards in more than 301 countries around the world where Visa’s contactless technology is accepted. In Ukraine Visa payWave cards can be used in more than 350 merchants including the stores of Fozzy Group, one of the largest retailers in Ukraine, Watson’s store chain, and Coffee Life coffee-houses.

Whereas all Visa payWave cards are equipped with both EMV-chip and magnetic stripe they are accepted for payment at any merchant worldwide that accept traditional and contactless Visa cards.

For Visa payWave transactions abroad without a signature or entering a PIN, customers should enquire with the sales assistant to check the transaction limit.

“Visa payWave is a perfect example of Visa electronic payment advantages to include speed, convenience and reliability. Particular prospects for the use of Visa payWave contactless technology are seen at such merchants as supermarkets, fast food restaurants, drug-stores and filling stations”, said Svitlana Georbelidze, Head of Visa Ukraine. ? In Ukraine, Visa has started the introduction of payWave with acceptance infrastructure preparation: Visa has already certified 5 Ukrainian banks to acquire Visa payWave cards and those banks are now actively working on the development of the infrastructure for such cards acceptance. As a result, more than 350 Ukrainian merchants offer their clients an opportunity of fast, convenient and safe payments using Visa payWave. We are sure that implementation by Ukreximbank of the first Visa payWave program in Ukraine will give another impetus for the dynamic development of national electronic payment environment”.

“Visa payWave technology can be implemented both on the traditional bank cards and on mobile devices supporting contactless payments. Thus, the banks can deliver contactless Visa cards to their clients’ cell phones, and enable them to make payments directly from the cell phone at all payment terminals accepting Visa payWave”, ? added Andrii Aleikin, Head of Innovative Products Department, Visa CIS and SEE.