Visa is making available the Visa Micro Tag, a new key fob payment device embedded with Visa payWave, the company's contactless technology feature. The Visa Micro Tag is designed to easily attach to a key ring, and allows cardholders to pay by simply waving their Visa Micro Tag in front of a contactless payment terminal without the need to physically swipe or insert the device into a point-of-sale terminal.
The Visa Micro Tag allows financial institutions to offer cardholders a companion device to an existing credit, debit or prepaid account.
Customers with Visa payWave cards in the U.S. have the option of not having to sign for payments under US$25, a feature that also benefits merchant locations where speed is important and where cash has been the traditional means of payment. The technology is already in use at convenience stores, sporting venues, gas stations and fast food restaurants nationwide.
Visa says payWave-enabled products receive the same security protections other Visa products offer, plus the additional layers of security because the payment device never leaves the customer’s hand, can only be read at extremely close proximity to a reader, and submits a unique digital watermark to the Visa payment network for each transaction.
Visa Micro Tags display the Visa Brand Mark and contactless indicator. A Visa account number is not required to be embossed or printed on the device, providing an additional layer of security for consumers carrying a Visa Micro Tag in visible ways, such as on a keychain.
“Consumers today are interested in using electronic forms of payment for small ticket purchases,” said Pam Zuercher, vice president, product innovation and coordination, Visa USA. “As one of the smallest payment devices, the Visa Micro Tag allows cardholders to carry a payment device that delivers fast and convenient transactions, while also providing an added layer of security.”
Visa Micro Tags can be easily manufactured and personalized as part of an automated manufacturing process similar to that of standard cards. This helps issuers control costs while providing a new payment choice to Visa cardholders. The Visa Micro Tag can also be made into a variety of shapes and sizes from flat to three-dimensional.
Some of these new devices loaded with $15 will be distributed to the first 1,000 San Francisco Giants fans entering AT&T Park’s Field Club level 26 September Visa will distribute the new Visa Micro Tags and educate users on how the device works and encourage trial at concession stands located throughout the stadium.