Visa unveils new payment card

Visa UK has revealed plans for the first nationwide roll-out of contactless payment cards, which the company hopes will replace cash for low-value transactions.

The roll-out is expected to be completed by the end of next year. Visa UK and many of its member banks will be working closely with retailers before the roll-out.

The decision, which was supported by all Visa UK member banks, will enable card-holders to ‘wave and pay’, by passing their card over a reader, to pay for low-value everyday items, such as coffee and newspapers.

According to the banking company, Visa Contactless will be a fast and convenient extension to Chip and PIN cards. Transactions will be completed in less than a second and Visa believes the cards will significantly reduce queue times at checkouts.

Visa Europe senior vice-president of consumer market development Sandra Alzetta said: ‘With more than 75 per cent of all cash payments being less than£10, the introduction of contactless payments will play a major role in encouraging the use of cards over cash for low-value transactions.’

She added: ‘The decision to go live in less than a year supports our vision for a cashless Olympic Games in London, 2012.’