U.S. Bank to Launch Contactless Credit Card Pilot in Denver
DENVER, (BUSINESS WIRE), Nov. 20, 2006–A group of U.S. Bank customers in the Denver area will soon be able to use a new “contactless” feature with their U.S. Bank Visa Credit Cards that allows them to quickly pay for purchases by holding their card in very close proximity to a secure reader at checkout instead of swiping it or handing it to a cashier.
The new contactless technology makes it easy for consumers to use their credit cards to quickly and securely pay for simple purchases – such as fast food, movie tickets, or convenience items – and carry less cash. More than 600 merchant locations in the Denver area are ready to accept payments with contactless cards. Consumers can identify whether a merchant has a contactless reader by the symbol on the machine.
Merchants like contactless cards because it expedites the transaction and allows their employees to focus more on customer service. Visa estimates that the average transaction is 25 percent faster than using cash.
“U.S. Bank, through its partnership with Visa, has long been at the forefront of innovation in the area of cards and payments. This latest innovation and introduction of contactless is a reflection of our consumer and merchant customers’ desire to pay and go quickly and securely,” said Patrick Coll, executive vice president of retail payments at U.S. Bank. “We anticipate enthusiastic acceptance in Denver and look forward to expanding the program.”
Cards must be held within two inches of the reader to be accepted and data is protected with encryption technology that reduces the risk of fraud. Contactless cards will carry the same zero liability protection and will have the same behind-the-scenes fraud monitoring that is standard with Visa credit cards.
Customers in the pilot will receive their new contactless credit cards in November. Customers who receive the contactless card will also be able to continue swiping the card at merchants that don’t have the contactless feature. U.S. Bank expects to make the feature available to more of its credit card customers in the near future.
U.S. Bancorp (NYSE:USB), with assets of $217 billion, is the 6th largest financial holding company in the United States. The company operates 2,467 banking offices and 4,943 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at http://www.usbank.com.
U.S. Bank Media Relations
Teri Charest, 612-303-0732
SOURCE: U.S. Bank
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report or Form 10-K for the most recently ended fiscal year.