Thursday, November 23, 2017

UBRD begins issuing bank cards with contactless payment technology

Ural Bank for Construction and Development recently announced that it has begun issuing Visa Gold cards equipped with payWave contactless payment technology.

Marked with the payWave logo on the upper-right corner of the card, UBRD's new bank cards use an integrated antenna chip that allows customers to pay for purchases by waving the card in front of an electronic reader. UBRD customers using payWave are not required to enter a PIN number or provide a signature for purchases less than $25.

Developed by Visa to simplify and accelerate purchase transaction, payWave data is secured through advanced data encryption technologies. Customers may leave their payWave cards in their wallets while paying, which reduces the risk of fraud.

"payWave contactless payment technology is pretty young-- it has existed since 2011 in Russia," UBRD payWave Project Manager Natalia Kulikova said. "Now, it can be observed that the number of retail outlets with terminals equipped with contactless readers is growing rapidly. We are confident that soon UBRD cardholders with Visa payWave technology will appreciate the ease of use of such a card."

UBRD customers may use their payWave cards' traditional magnetic strips to complete their purchases in the event that a retail outlet is not equipped with a contactless payment reader.