Compass Bank launches new contactless technology for Visa check card holders
08 February, 2007
category: Contactless, Financial
A select group of Compass Bank customers have received Visa-backed contactless check cards which include both the traditional magnetic stripe along with the contactless chip. The cards were first introduced in the Denver, Dallas and Phoenix areas late last year.
Compass Bank announced that it has begun to issue Visa Check Cards with the new contactless feature to a select group of cardholders. The new cards, issued by Compass, will use embedded radio-frequency chip technology from Visa USA that allows participating merchants and cardholders a faster and more convenient method of conducting everyday electronic payments.
The new contactless technology from Visa USA offers several benefits to merchants and cardholders, including faster transaction times, as well as reduced wear and tear inherent with traditional magnetic strip cards. The new cards issued by Compass will have both a traditional magnetic strip and the new contactless chip. When using the contactless feature, cards do not need to be swiped in order to access account information. Clients simply hold their card within two inches of a secure reader at checkout and a tiny short-range transmitter embedded in the card sends payment information to the reader. Overall transaction times are also reduced significantly, as no signature is required for most transactions under $25.
“We are very pleased to be among the first issuers to offer this exciting new payment technology for our clients,” said Damon Cummings, executive vice president of Compass Financial Services. “Compass Bank introduced this product in the Denver, Dallas and Phoenix markets in October of 2006 and ended the year with over 100,000 cards issued.”
To date, more than 30,000 merchant locations in the United States accept contactless payments, including major retailers such as Arby’s, CVS, Jack-In-the Box, McDonald’s, and Walgreen’s,
“Compass cardholders will immediately benefit from the speed and convenience of contactless transactions as they visit their favorite fast food restaurant, convenience stores or movie theater.” said Brian Triplett, Senior Vice President of emerging product development at Visa USA. “Visa Contactless has enjoyed rapid adoption nationwide and we continue to see great interest among merchants, issuers, and consumers.”
About Compass Bank
Compass Bank is a subsidiary of Compass Bancshares, Inc., a Southwestern financial holding company which operates 409 full-service banking centers including 162 in Texas, 90 in Alabama, 73 in Arizona, 42 in Florida, 32 in Colorado and 10 in New Mexico. Compass is among the top 30 U.S. bank holding companies by asset size and ranks among the top earners of its size based on return on equity. Additional information about Compass can be found at www.compassbank.com.