MINNEAPOLIS, Jun 10, 2011 (BUSINESS WIRE) -- U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), in partnership with Visa (NYSE: V) and Oberthur Technologies, announced its release of a dual interface payment solution that offers enhanced acceptance and compatibility with credit cards systems worldwide. The new U.S. Bank FlexPerks Travel Rewards Visa(R) credit card combines Visa payWave, EMV chip, and magnetic stripe technologies, enabling customers to have the best experience possible wherever they use their cards.
"U.S. Bank is pleased to be the first issuer in the United States to provide dual interface EMV cards that can be conveniently used anywhere - whether it be a chip-card reader with a merchant overseas or a contactless payment terminal or magstripe reader here in the United States," said Cliff Cook, chief marketing officer for U.S. Bank Retail Payment Solutions. "While we believe EMV is important for our international travel cardholders, we are committed to driving contactless mobile payments in the United States."
Visa payWave employs the latest contactless technology for sending payment information to a secure reader at the point of sale. Similar to EMV, a special computer chip is embedded in the card, allowing the customer to simply 'wave and go' when making a purchase. Transactions are processed through the same, reliable payment network as magnetic stripe transactions and offer the same multiple layers of security protection. U.S. Bank provides zero fraud liability for unauthorized transactions.
"U.S. Bank's implementation allows cardholders a more positive payment experience, whether it's speeding through contactless transactions or traveling in countries that rely on EMV chip," said Stephanie Ericksen, head of chip product integration, Visa Inc. "Visa is delighted to support U.S. Bank in its effort to offer their customers the convenience and ease of acceptance made possible by dual interface EMV cards."
The dual interface smart cards, manufactured and personalized in the United States by Oberthur Technologies, will be introduced to more than 20,000 U.S. Bank FlexPerks Visa cardholders this month, with plans to expand the offering to other travel reward cardholders in the coming year.
EMV(R) is a global standard for credit and debit payment cards based on chip card technology with enhanced security. Embedded in the card is a microprocessor containing the necessary information to make a payment. Over one billion card users outside the United States are currently utilizing this technology.
"While EMV is widely accepted internationally, it is still very new to the United States, but U.S. Bank understands the need for its customers to be able to access funds while traveling," said Martin Ferenczi, managing director for the Americas region for the card systems division at Oberthur Technologies. "Oberthur Technologies offers unique capabilities to guide its customers through the migration."
U.S. Bank FlexPerks Travel Rewards card offers industry-leading value and innovation for customers who want travel rewards. Customers have the flexibility to choose the rewards they want with FlexPerks. In addition to travel, customers can earn cash back, merchandise, gift cards and statement credits. Cardholders also enjoy the universal acceptance that is available to Visa card customers. To learn more about the full suite of U.S. Bank FlexPerks credit, debit and business products, go to www.usbank.com/flexperks, or visit any U.S. Bank branch office.
U.S. Bank Retail Payment Solutions (RPS) is one of the nation's leading payment processing and full-service issuing providers. RPS offers credit, debit, and prepaid payment solutions to consumers and small businesses through U.S. Bank and in partnership with financial institutions, businesses, governments and employers.
About Oberthur Technologies
Oberthur Technologies is a world leader in the field of secure technologies: systems development, solutions and services for smart cards (payment cards, SIM cards, access cards, NFC) and for secure identity documents, traditional and electronic (identity card, passport, health care card), production of banknotes, cheques and other fiduciary documents, intelligent systems to secure cash-in-transit and ATM. Oberthur Technologies has 6,800 employees through 40 countries and 65 sites. The Group posted 2010 sales of EUR 979M. Website www.oberthur.com.
Visa 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 digital currency. Underpinning digital currency is one of the world's most advanced processing networks - VisaNet - that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovation, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $311 billion in assets as of March 31, 2011, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,082 banking offices in 25 states and 5,238 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
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SOURCE: U.S. Bank
U.S. Bank Media Relations
Teri Charest, 612-303-0732
Visa Global Corporate Relations
Sandra Chu, 415-932-2564
Leana Benson Hersch, 310-868-1318