7-Eleven to Accept Visa Contactless Payments at Its Point of Sale
New Payment Technology Allows Customers to Complete Secure Transactions Faster and Easier
Dallas, TX, May 19, 2005–7-Eleven, Inc. today announced that it is making shopping 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 RFID (radio frequency identification) technology to other products and services offered at 7-Eleven stores to provide 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.”
7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Headquartered in Dallas, Texas, 7-Eleven, Inc. operates or franchises approximately 5,800 7-Eleven® stores in the United States and Canada and licenses more than 22,300 7-Eleven stores in 17 other countries and U.S. territories. During 2004, 7-Eleven stores worldwide generated total sales of approximately $41 billion. Find out more online at http://www.7-Eleven.com.
Visa USA is the nation’s leading payment brand and largest payment system, enabling banks to provide their consumers and business customers with a wide variety of payment alternatives tailored to meet their evolving needs. Jointly owned by nearly 14,000 financial institutions, Visa USA is committed to increasing the choice, convenience, acceptance, and security of Visa payments for all stakeholders in the payments systems–members, cardholders and merchants.
Through its members, more than 458 million Visa-branded cards have been issued to cardholders, which are accepted at over 5.7 million locations within the United States. Each year, U.S.-based financial institutions rely on Visa’s processing system, VisaNet, to facilitate $1.3 trillion in transactions with virtually 100 percent reliability.
Worldwide, cardholders in over 150 countries carry more than 1 billion Visa-branded cards, accepted at nearly 22 million locations, accounting for $3 trillion in annual transaction volume.