Popular and Visa launch ‘contactless’ payment technology in P.R.
Banco Popular and Visa announced the debut in Puerto Rico of contactless payment technology for their Visa credit card portfolio.
As of today, all Popular Visa credit cards, newly issued or replaced, will feature this new proximity payment technology, which meets all the same security standards as traditional chip cards, including that each transaction is protected by multiple layers of security, the financial entities said.
This payment method uses a short-range wireless technology, which detects the signal from the Visa card only when the distance between the card and the device is four centimeters or less. At the same time, the approval time is more agile than the traditional process of inserting or sliding the plastic into the point of sale terminal.
“One of Popular’s main pillars is constant innovation for the benefit of the customer. With this new technology, we continue to take a step forward with tools that provide agility when making payments,” said Solimar Cedeño, vice president of Popular’s individual credit division.
“We know that the adoption of contactless payment technology is crucial, as it will pave the way for the next generation of payment technologies, including mobile phones, wearables and other devices connected to the Internet of Things,” said Luis Guerra, general manager of Visa Puerto Rico.
“Given the speed, convenience and security they provide, contactless payments support Visa’s mission: to connect the world through an innovative, reliable and secure digital payment network that enables growth and prosperity in the people, businesses and economies of the world,” he said.
Cards issued with contactless technology also work as regular cards do, by inserting or sliding it at point-of-sale terminals that have not yet integrated contactless technology.
“We’re excited to be the first bank in Puerto Rico that launches this technology on its credit cards, which makes the experience easy, fast and secure for customers,” said Cedeño.
It is estimated that in Puerto Rico there are more than 4,000 shops with point-of-sale terminals equipped with contactless technology and in the coming months the number is expected to continue to increase, bank officials said.