Card network Visa is migrating its payWave contactless payments platform to a global specification that is based on the international EMV standard.
Visa says its new global spec, called Visa Contactless 2.0, will ensure customers can use their contactless cards worldwide, while still providing issuers with the flexibility to customise programmes to meet local market needs.
The new spec also provides additional security options and enhanced performance for faster processing of PayWave transactions.
"Visa has developed a global contactless platform built on the experience of implementing programs in multiple countries and regions," says Elizabeth Buse, global head of product at Visa Inc. "This new specification will allow card issuers and vendors globally to implement contactless solutions that are globally interoperable while also providing advanced EMV-based security."
The spec also supports all payment platforms - credit, debit and prepaid - and can be embedded in mobile devices, says the card network.
Visa first published a contactless specification in 2002, primarily to focus on local market implementations and requirements. Following numerous trials and commercial programmes around the world, the card scheme has updated the specification to provide an effective roadmap for financial institutions and vendors to move to interoperable programmes.
Visa says the specification provides flexibility by allowing issuers to choose the options and features that best meet their local market needs while ensuring global interoperability.
In February last year Japanese card issuer JCB said it would use Visa Asia Pacific's contactless specification in a bid to increase acceptance of its J/Speedy contactless cards at merchant locations outside of Japan.