A month after receiving American Express certification for its contactless products, ViVOtech announced in mid-July that its ViVOpay products have also received approval from two other credit card giants–MasterCard and Visa.
Contactless Payment Leader Furthers Commitment to High Quality Products and Services in Support of PayPass and Visa contactless roll-outs
SANTA CLARA, Calif.–ViVOtech, the leading supplier of contactless payment solutions, has announced that multiple ViVOpay products have received vendor product approval from MasterCard International for use in its MasterCard PayPass program and Visa Contactless.
This approval process assures the ViVOpay 3000 and 4000 readers conform to both companies’ interoperability, usability, reliability and security requirements.
MasterCard PayPass is a new “contactless” payment program that provides consumers with a simpler way to pay. Using MasterCard PayPass, consumers simply tap their payment card, or alternative PayPass form factor, on a special reader like the ViVOpay 3000 or 4000 at checkout. The payment is authorized in seconds and no signature is required for transactions under $25 at quick payment type merchants. MasterCard trials have shown that purchasing time can be reduced by as much as 12 to 18 seconds when compared to cash purchases.
“With the commercial roll-out of contactless payment technology now ramping up, ViVOtech is well positioned to meet the needs of retailers and card issuers alike,” said Mick Mullagh, CEO of ViVOtech. “ViVOtech is one of the first suppliers to have its contactless reader products formally certified by MasterCard. We anticipate significant demand in the marketplace as quick serve restaurants, theaters, convenience stores, parking garages, and stadiums continue to go contactless in the coming months.”
The Visa certification represents an industry recognized level of quality and operating performance that enables merchants to be confident in their decision to partner with ViVOtech. In order to receive certification and meet the strict standards set by the card association, products must be submitted to an independent lab, where hardware and software are subject to rigorous tests.
Visa Contactless is based on industry standard technology whereby payment information is electronically transmitted between the card and the contactless reader at the point of the sale. Cardholders simply hold their card in front of the contactless reader, instead of swiping it. Contactless transactions are processed through the same secure Visa payment network as all magnetic stripe transactions.
Merchants who already accept Visa contactless payments and have deployed contactless readers at the point of sale include fast-food restaurants, convenience stores, drug stores, drive-thru retailers, and other merchant locations where contactless payments deliver speed and convenience to consumers.
“ViVOtech is committed to developing products that adhere to and surpass the certification requirements of security, performance and functionality,” said Mr. Mullagh. “We look forward to deploying thousands of readers to make Visa contactless a success with both merchants and consumers.”
ViVOtech provides an end-to-end transaction platform that allows consumers to make contactless payments with radio frequency-enabled credit cards, debit cards, key fobs, cell phones, PDAs and identity cards. The company’s products are backwards compatible with today’s existing PoS infrastructure, providing seamless upgrades. With more than 90,000 of its contactless payment readers deployed around the world, ViVOtech products are found in Fast Food Restaurants (QSR), Casual Dining Establishments, Corporate Cafeterias, Parking Garages, and Movie Theaters as well as Convenience, Grocery, and Drug Stores. ViVOtech is headquartered in Santa Clara, Calif., with offices in Europe and Asia. In 2005, ViVOtech received the prestigious Frost & Sullivan technology award for its role in transforming the contactless payment industry.