Chase’s blink technology has moved to 1.8 million Visa debit cards in three northeastern states, becoming the first Visa issuer to offer contactless debit cards. About 2,000 merchant locations in the New York/Tri-state area and more than 30,000 in the U.S. are equipped to accept blink payments.
NEW YORK–Chase, the consumer banking brand of JPMorgan Chase & Co. announced the rollout of 1.8 million Visa debit cards with blink technology to make purchases faster for its customers in New York, New Jersey and Connecticut.
Chase, which introduced credit cards with blink in New York last fall, is the first Visa issuer to offer contactless payment capability on debit cards, which deduct purchases directly from a customer’s checking account. Cardholders can make purchases by simply holding the card close to a participating merchant’s card reader at checkout. About 2,000 merchant locations in the New York/Tri-state area and more than 30,000 in the U.S. are equipped to accept blink payments.
“Blink allows consumers to make purchases faster, cutting down the time waiting in line or fumbling with cash,” said Michael Cleary, Chief Operating Officer of Chase’s Consumer Bank. “Our credit card customers have really liked blink, so we’re bringing the same convenience to our Tri-State debit card customers.”
More than seven million Chase customers currently have credit cards with blink.
1.8 million new Visa cards
Blink is being introduced to checking account customers as Chase reissues 1.8 million debit cards in the New York/Tri-State area, switching to the Visa mark. All Chase debit cards, except the Chase Continental Airlines card, will now carry the Visa logo.
Chase’s customers began receiving the new debit cards with blink in the mail last month and mailings will continue through June.
Faster and safer than cash
U.S. consumers now use debit cards to make purchases just as often as they use cash, and debit card use continues to grow. In the Tri-State area, sales volume for Visa Check Card alone increased 17.5% in May 2006, compared to May 2005. Chase debit cards with blink offer a faster and safer alternative to cash, making debit cards even more convenient for customers to use.
Transactions made using cards with blink:
– Eliminate the time customers spend waiting for cashiers to make change;
– Are completed up to 25% faster than those done with cash; and
– Can be up to 40% faster than other payment methods at locations such as quick-service restaurants, drive-thrus, convenience stores and movie theaters.
When using the blink functionality, the Chase debit card must be held within one to two inches of a card reader to conduct a transaction, minimizing the possibility of an unintended purchase. The card readers have a built-in safeguard that prevents more than one card from being read at a time, and purchases above $25 require a signature as an extra security measure.
The radio frequency technology that drives blink uses the highest level of encryption allowed by the U.S. government, and the card’s RF chip contains the same minimal amount of personal information as the traditional magnetic stripe cards.
Other consumer safety benefits of cards with blink include:
– Zero liability for fraudulent transactions;
– Quick replacement of lost or stolen cards;
– The ability to track account details online at Chase.com;
– No need to hand over the card to a cashier;
– No risk of an accidental card reading because consumers must hold the card within 1 to 2 inches of a reader to conduct a transaction.
“Blink gives customers a quicker, safer and more convenient way to use the cash in their checking accounts to make purchases,” Cleary said.
The blink debit card also has a magnetic stripe and can be used with a PIN at ATMs to get cash or at the more than 22 million merchants worldwide that accept Visa.
Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co. Chase has nearly 500 branches and 1,600 ATMs in the New York/Tristate area, and will expand customer convenience further with the acquisition and conversion of 338 Bank of New York branches and 400 ATMs. Chase has 112 million credit cards issued and serves consumers and small businesses through more than 2,600 bank branches, 7,400 ATMs and 280 mortgage offices as well as through relationships with 15,600 auto dealerships and 2,500 schools and universities. It also serves more than 25,000 commercial banking clients, including corporations, municipalities, financial institutions and not-for-profit entities with annual revenues generally ranging from $10 million to $2 billion. More information about Chase is available at www.chase.com.