7-Eleven, Inc. (NYSE: SE) today announced that it is making the shopping experience faster and easier for many of its customers by accepting Visa Contactless payments, a new feature on Visa cards that uses radio-frequency technology to enable customers to make a purchase by simply holding their Visa Contactless card within one inch of a secure reader at checkout instead of swiping it.
7-Eleven will install contactless card readers at all of its 5,300 U.S. stores.
Visa Contactless transactions use a capability embedded in the card that contains payment information, which can be processed rapidly and securely over an extremely short distance at the point of sale terminal. All other aspects of the contactless transaction are handled in the same way as a traditional credit - or debit - payment transaction.
"7-Eleven stores are convenient - from location to product assortment to speed of service," said Rick Updyke, 7-Eleven's vice president of business development. "Customers expect quick service, and 7-Eleven's acceptance of Visa Contactless payments will make transactions even faster and easier. We anticipate adding contactless payment technology to other products and services offered at 7-Eleven stores to add even more convenience for consumers."
Cardholders receive all the same security protections already provided by Visa, including zero liability for fraudulent charges and Visa's industry leading, anti-fraud technology. Also, cardholders making purchases at 7-Eleven stores with Visa Contactless have an extra layer of security because the card never leaves their hand and can only be read during a transaction at extremely close proximity to a contactless reader.
In addition to improving the shopping experience for its customers, Visa Contactless payments give 7-Eleven the ability to process more transactions in less time. Visa tests show that contactless payments are up to 25 percent faster than cash transactions.
"Visa looks forward to its partnership with 7-Eleven to offer the very latest in payment technology and to make check-out faster and easier for consumers," said Elizabeth Buse, executive vice president, product development and management, Visa. "Now, more than ever, Visa cardholders are looking for payment choices, and they want to spend less time making everyday purchases. Visa and 7-Eleven are addressing this demand with the roll out of Visa Contactless."