The specification also provides additional security options and enhanced performance for faster transaction processing.

The new framework is compatible with existing Visa contactless card programs in the market and in development. Cards can use magnetic stripe functionality or follow the more enhanced chip or smart card functionality enabled by the global EMV standard. The specification also supports all payment platforms - credit, debit and prepaid.

"With millions of contactless cards worldwide, Visa has developed a global contactless platform built on the experience of implementing programs in multiple countries and regions," said Gaylon Howe, executive vice president, Consumer Product Platforms, Visa International. "This new specification will allow card issuers and vendors to implement contactless solutions that are globally interoperable while providing flexibility, security and enhanced performance. It means that no matter where the contactless card is issued, it will benefit from the same level of acceptance and convenience worldwide."

Visa first published a contactless specification in 2002, primarily to focus on local market implementations and requirements. Following extensive experience with numerous programs around the world, Visa has updated the specification to provide an effective roadmap for financial institutions and vendors to move to interoperable programs. The specification provides flexibility by allowing issuers to choose the options and features that best meet their local market needs while ensuring global interoperability. It also provides enhanced security options to enable greater card and data protection.

Another major feature of the specification is that communications between the card and terminal have been streamlined to provide faster transaction processing. This makes contactless ideal for both low-value environments where speed is of the essence, such as parking garages, quick service restaurants, and convenience stores, and high-value environments where the use of PIN or signature still offers convenience and customer security.

To date, Visa has worked with member financial institutions to implement contactless programs in the United States and Asia.