Visa Europe is pleased to announce that the banks issuing payment cards in the Grand Duchy of Luxembourg have chosen to implement Visa Europe's V PAY debit card by the end of 2011.
V PAY, the European chip and PIN only card, will allow Luxembourg cardholders to pay for their shopping and withdraw cash securely by using their PIN code in Luxembourg and across Europe. Visa developed V PAY especially for the European market; it is tailored to meet the needs of European banks and consumers, in full respect of the SEPA framework. V PAY is already accepted at more than 360,000 ATMs and over 8 million merchant locations across Europe. 14 million cards have been issued in Germany, Italy, France, Bulgaria and the Netherlands and in total 65 million cards have been committed by banks across Europe.
V PAY introduction to the Luxembourg market
Visa Europe is committed to the creation of a well-functioning European payments market. With the development of V PAY, a true pan-European debit product Visa is demonstrating its commitment to making SEPA a reality across the region. Visa Europe has been compliant with the SEPA Cards Framework principles since the beginning of 2007.
Visa Europe has cooperated closely with the Luxembourg card issuers to help establish V PAY. The new V PAY card will be accepted in shops and cash dispensers in Luxembourg and across Europe. Consumers will thus experience a seamless transition to the new V PAY debit card system when it becomes available to the Luxembourg market at the end of 2011.
Pedro Deserrano, Visa Europe's Senior Vice-President in charge of V PAY, said: "We are very proud to see that the Luxembourg banks are convinced of the added value of Visa's V PAY debit card. Today's announcement represents another important step in making V PAY a reality in the whole of Europe."
Luxembourg banks opt for increased security and convenience with V PAY
By the end of 2011, Bancomat cards will be replaced by V PAY cards. With the choice for V PAY, the issuing banks in Luxembourg have opted for more security and convenience in the domestic payment system.
The V PAY debit card is based on chip and PIN technology which guarantees the highest levels of security to the cardholder. In particular, the risk of fraud - through theft or counterfeit - is drastically reduced. Nicolas Ancot, Visa Europe's Vice-President in charge of V PAY Marketing, added "The V PAY debit card makes exclusive use of the combination of Chip and PIN code for all payment and cash withdrawal transactions. All services on the current Bancomat card will also be available on the new V PAY Card. Although the magnetic stripe is still visible on the card, the information on the magnetic stripe no longer includes the card number, which protects the cardholder from skimming fraud."
V PAY cards also offer more convenience, because they are always used in exactly the same way in Luxembourg and in Europe: by inserting the card into the POS terminal or the ATM and typing in the PIN code.