Visa supports increase in PIN-free contactless transactions

Published in Economics
Monday, 13 April 2020 13:58

Visa Easy Payment Service limit increase to 160 GEL allows consumers to simply and securely tap-to-pay for larger purchases without the need to enter a PIN. 

Tbilisi, Georgia – 13 April 2020 — Visa (NYSE: V) today announced it is supporting an increase in the Card Verification Method limit to 160 GEL in Georgia, allowing consumers to simply tap-to-pay using their card, mobile phone or contactless wearable device for larger purchases.  The increased PIN-free limit is a 60% increase from the previous amount of 100 GEL, giving Georgian consumers even more convenience for more everyday transactions.

Contactless technology provides the fastest, most convenient and highly secure way to pay for both consumers and merchants, enabling simple ‘tap’ payments.  With more than 95% of transactions in Georgia[1] already made with contactless, the increase will continue to improve consumers’ shopping experience.

“In terms of payments Georgia has been developing as a contactless country and today is globally #1 in terms of contactless penetration in domestic face-to-face transactions[2].  When consumers tap-to-pay they love the smooth, fast and secure experience, and we know that people want to use contactless to shop now more than ever,” said Cristina Doros, Visa’s country manager for the Caucasus region.  “We are committed to driving innovation and offering consumers and merchants the best way to pay, and are looking forward to supporting the further growth of highly secure contactless technology by increasing PIN – free payment limits in Georgia.”

When paying by digital  using your smartphone or smart watch, the PIN code is not required for a transaction for any amount.

In addition to convenience, contactless cards using Visa Easy Payment Service experience some of the lowest fraud rates of any type of payment, and fraud rates at point-of-sale remain at historic lows in countries where contactless payments are widely used. 

 

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE



[1]& 2 Data source: Visa data, as of February 2020

 

Revolut Chooses Visa as Lead Issuing Partner to Drive Rapid Global Expansion

Published in Economics
Monday, 30 September 2019 17:32

Visa and Revolut expand successful partnership in Europe, adding 24 new markets globally to deliver more consumer choice and flexibility in personal finance management 

SAN FRANCISCO & LONDON – September 30, 2019 — Visa (NYSE:V) and Revolut, the leading fintech in Europe, today announced a new agreement that will help Revolut expand its business globally. Leveraging Visa’s brand, scale and global acceptance footprint, Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets, for a total of 56 markets globally. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion. 

Revolut offers consumers a range of digital financial services via a mobile application, including currency exchange, budgeting and person-to-person (P2P) payments, all linked to a Visa card. Building on the success of its existing agreement in Europe, Visa will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore andthe United States, followed by Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam

“We are excited to build upon our existing collaboration with Visa, the world’s leader in digital payments, which will bring to life our shared vision for seamless, innovative payment experiences,” said Nikolay Storonsky, founder and chief executive officer, Revolut. “The new global agreement with Visa is timely for Revolut as we move into a number of new markets to offer even more consumers the control, flexibility and innovative features that our European customers have been benefiting from for years.” 

“Revolut has made great strides in delivering innovative and unique experiences to consumers in Europe. We are thrilled to extend our relationship as Revolut looks to achieve their global growth ambitions and collectively drive increased volume on the Visa network,” said Jack Forestell, chief product officer, Visa. “With Visa being accepted at nearly 54 million merchant locations across more than 200 countries, we have the scale, experience and expertise to help fintechs like Revolut go global.” 

Visa and Revolut have built a strong partnership over the last four years. The digital banking alternative first began issuing Visa cards to its customers across Europe in July 2017. Since that time, Revolut has been able to leverage Visa’s global network and capabilities to help drive their rapid global expansion, including issuing Visa-branded cards in every major European market today. 

Over the last four years, Revolut has been at the forefront of global financial innovation. In an effort to enable consumers to better manage their money digitally, Revolut and Visa will allow for: 

  • Flexible, Customized and Seamless Banking Services: Revolut customers can receive instant spending notifications, monthly spending breakouts and budgets by individual categories. The option to complement the existing Revolut app with Visa APIs, including Visa Token Service and Payments Attribute Account Inquiry, and Visa prepaid and debit cards, will offer the security and speed consumers expect when they use their Visa. 
  • Seamless, Low Cost Currency Exchange: As one of the most affordable options, Revolut customers can spend globally in over 150 currencies and hold and exchange up to 29 currencies and cryptocurrencies - including bitcoin, the Canadian Dollar, U.S Dollar, Mexican Peso, British Pounds and Euros - directly in the app using the interbank exchange rate. 
  • P2P Payments: With the tap of a button, consumers can instantly send and request money for free and split the bill at restaurants and bars with any Revolut customer globally. 

 The Visa and Revolut global deal builds on Visa’s long-term commitment to fintechs and bolsters the company’s strategic business priorities, including: 

  • Visa Direct, Visa’s platform that enables faster payments to over a billion financial accounts worldwide  
  • Visa’s suite of B2B payments solutions for small and medium businesses and global enterprises 
  • Visa’s ongoing commitment to bringing digital payment options to the unbanked via social impact programs 

About Visa Inc. 

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and  @VisaNews

About Revolut  

Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. While the fintech initially drew in customers by letting them spend and transfer money abroad with the interbank exchange rate, the company has since attracted over 7 million customers in Europe with its spending overviews, budgeting controls, savings features and cryptocurrency exchange. 

To date, Revolut has raised approximately $340 million in investments, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global. 

Visa announces the launch of activities as the Official partner of Eurovision Song Contest

Published in World
Wednesday, 10 May 2017 14:59

Be the first to test innovative payment products designed by Visa and partner banks.

Kyiv, 8 May 2017 – Visa (NYSE: V) as an official partner of Eurovision Song Contest 2017 in Kyiv has announced about the opening of Visa Innovations Stand in Eurovision Village. Stand will be functioning during May 4 -14, 2017 from 1 to 10 PM in Eurovision Village located on Khreshchatyk St., between B. Khmelnytskoho St. and Prorizna St.

Hands-on test of Visa payWave contactless technology and an opportunity to try and buy the innovative products of Visa and partner banks: PrivatBank, FUIB, Raiffeisen Bank Aval and Oschadbank

Mobile app for contactless NFC payments by PrivatBank

Just add your Visa card to Privat24 mobile wallet and enjoy contactless payments with your smartphone[1]. If you have no Visa card, this is an opportunity to get an instant Eurovision branded card at Visa demo stand and have a chance to win 1 of 99 SamsungGalaxy A5[2] smartphones.

Prepaid card in form of contactless sticker by First Ukrainian International Bank (FUIB)

Put a sticker on a mobile phone or any other device, thus transforming it into a contactless payment tool[3].

Visa payWave instant contactless card by Oschadbank

Instantly get Visa payWave contactless card from Oschadbank – no waiting time or documents[4]. Moreover, every 10 days the holders of Visa cards issued by Oschadbank will have a chance to win Eurovision branded prizes[5].

Mobile App for contactless payments by Raiffeisen Bank Aval 

In Eurovision Village, you can watch the performances of Eurovision participants and even more - enjoy significant benefits of special offers for Visa cardholders. Such as official Eurovision 2017 merchandise with 10% discount with Visa payment card, sticker, or via Visa payment app for payments over UAH 500[6]. (approxim. 19 USD)

Shoot your Eurovision mood and share your photo or video on Instagram or Twitter with #visa2eurovision hashtag. The coolest photos and videos will be awarded with musical prizes[7].

We’re the same wavelength!

About Visa Inc.:

Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products[8]. For more information, visit: www.corporate.visa.com, www.visa.com.ge , https://www.facebook.com/VisaGeorgiaGE, Visa CISSEE Newsroom.


[1] NFC-enabled smartphone under Android 4.4 operating system or later

[2] Promo campaign will be held on the territory of Eurovision Village in the period of 5-13 May 2017. Find details, rules and restrictions of the campaign on PrivatBank website privatbank.ua

[4] Promo campaign will be held on the territory of Eurovision Village in the period of 5-13 May 2017. Find details, rules and restrictions of the campaign on Oschadbank website oschadbank.ua

[5] Promo campaign will be held on the territory of Ukraine excl. temporary occupied territories and the territory of ATO in the period of 25 April - 30 September 2017 inclusively. Find details, rules and restrictions of the campaign on Oschadbank website (oschadbank.uapromo.oschadbank.ua)

[6] Promo campaign will be held on the territory of Eurovision Village in the period of 4 -14 May 2017

[7] Promo campaign will be held in the period of 4 -14 May 2017 inclusively. Find details, rules and restrictions of the campaign on the website vi.sa/2eurovision

[8] Visa International Service Association (USA) offers banks the possibility of issuing Visa payment cards. The issuing banks may impose limitations on Visa cards. Please refer to the issuing banks for information regarding the terms of issuance and operation of Visa payment cards. The issuing banks may place limitations on products, services and their usage based on the applicable law. For more information, visit www.corporate.visa.com , www.visa.com.ge , https://www.facebook.com/VisaGeorgiaGE

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