Visa has announced new global specifications for its payWave platform based on based on the international EMV standard. The company says the new global spec, called Visa Contactless 2.0, will ensure customers can use their contactless cards worldwide, while still offering the flexibility for customization to meet local market needs.
The new spec provides additional security options and enhanced performance for faster transaction processing. According to Visa, the spec also supports a variety of payment platforms – credit, debit and prepaid – and can be embedded in mobile devices.
“Visa has developed a global contactless platform built on the experience of implementing programs in multiple countries and regions,” says Elizabeth Buse, global head of product at Visa Inc. “This new specification will allow card issuers and vendors globally to implement contactless solutions that are globally interoperable while also providing advanced EMV-based security.”