25 June 2017
visit www.finastra.com

Bank Saint Petersburg certified for issuing and acquiring of Visa payWave cards

23 October 2012  |  1945 views  |  0 Source: Bank Saint Petersburg

Bank Saint Petersburg is the first bank in Russia to be certified by Visa for issuing and acquiring Visa payWave cards with technical support from Compass Plus.

The wide-scale issuing and acquiring of Visa payWave cards will go live in 2013. Approximately 50,000 Visa payWave contactless cards are to be issued and over 500 terminals accepting Visa payWave cards are to be installed at the leading retail chains in Saint Petersburg by the end of 2013.

Pavel Filimonenok, Deputy Chairman of the Board at Bank Saint Petersburg said of the project: "Visa payWave cards are an up-to-date and extremely convenient way of making contactless payments. The successful partnership with the Visa payment scheme clearly demonstrates that Bank Saint Petersburg is one of the leaders in the Russian banking industry in terms of the implementation of new technologies."

Visa payWave cards are not only convenient, but provide a high level of security, as the cardholder doesn't have to pass the card to a cashier in a retail establishment; a payWave-enabled Visa card user can make payments themselves by simply tapping it on the terminal. In addition, if the total amount of the purchase made with Visa payWave is less than 1,000 RUR, there is no need for the cardholder to enter a PIN or sign a receipt.

Contactless payments facilitate a faster service for customers, decrease queues and reduce costs on cash operations for merchants. According to research, Visa payWave cards shorten the purchase procedure by 4.5 seconds on average compared to a payment made with cash. The payment procedure is also three seconds faster than by using a magnetic stripe card.

The Visa payWave technology, based on the international EMV standards for chip cards, provides the functional compatibility of the cards with payment terminals all over the world. It allows payWave cards to be used in any country where the Visa payWave technology is adopted, as well as at millions of retailers accepting standard Visa cards. If purchases are paid for with the Visa payWave card outside of Russia, the limit of a contactless payment without a signature and a PIN should be clarified with a store employee.

Compass Plus software products have been used for more than 10 years at Bank Saint Petersburg's processing centre. The Visa payWave card issuing and acquiring project has been implemented with the use of TranzWare and with the assistance of Compass Plus specialists whose highly professional skills contributed to the fast and efficient implementation of the project. 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit www.response.ncr.comdownload the report now

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
9899 views comments | 4 tweets | 5 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
9355 views comments | 20 tweets | 27 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
9031 views comments | 3 tweets | 4 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
8418 views comments | 8 tweets | 25 linkedin
What Banks and their customers can expect for the futureWhat Banks and their customers can expect...
7590 views comments | 7 tweets | 10 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job