GE Money Bank launches contactless service

Prague, 4 February 2013 — GE Money Bank in cooperation with Visa Europe has launched a service that allows contactless payment. There is a wide range of locations where a contactless card can be used - from minimarkets to hypermarkets, fast foods, restaurants and cafes. Contactless card payments are offered by chain of stores such as Spar, Billa, Penny Market, Globus, McDonalds, Costa Café, Datart and Cinema City.

The difference between standard payment cards and contactless payment cards is, that the new technology will enable customers to pay only by touching their card to a payment terminal. Once the card has been touched to the terminal, a little antenna reads the signal from the card and payment will be processed without requiring a PIN. Contactless card payments are therefore more convenient, easier and faster for customers.

"We are very pleased that GE Money Bank will provide their clients with contactless technology through us and extend its card portfolio. The development of contactless technology in the market tends to grow rapidly and benefits of this technology will have a positive effect not only on cardholders, but also on traders/ merchants. Launching this product affirms the Czech Republic to be one of the most innovative European markets in the area of payment systems", said Marcel Gajdos, regional manager for the Czech and Slovak Republic, Visa Europe.

"We are introducing to the market contactless Visa Gold credit card, which is designed for our clients. This card is equipped with contactless Visa PayWave technology, which allows you to pay by using simply the card to the terminal. From our perspective, it is especially beneficial to extend to our portfolio Visa card products for contactless payment", said George Kejla, product manager at GE Money Bank.

Contactless technology is safe. If the contactless payment card records several consecutive contactless transactions, the cardholder is prompted to insert the card into a payment terminal and enter PIN. This is designed to deter fraudulent use when the card is lost or stolen; each time a PIN is used it re-affirms that the cardholder is in possession of their card.

Contactless payment technology was first introduced in Great Britain in 2007 and currently is benefiting customers in several European countries such as Spain, France, Turkey, as well as our neighbors in Poland and the Slovak Republic.

About Visa Europe

Visa Europe is a payments technology business owned and operated by member banks and other payment service providers from 36 countries across Europe.

Visa Europe works at the forefront of technology to create the services and infrastructure which enable millions of European consumers, businesses and governments to make electronic payments. Its members are responsible for issuing cards, signing up retailers and deciding cardholder and retailer fees.

Visa Europe operates a high volume, low cost business model that provides services to its members. Its surplus is reinvested into the business and used to improve capital and reserves. In the last six years, Visa Europe has invested over €1 billion in new technology and infrastructure.

There are 466m Visa cards in Europe while €1 in every €6.75 spent in Europe is on a Visa card. Almost 80% of Visa Europe's business is on debit cards and, in the year to September 2012, over €1 trillion (€1.02bn) was spent on Visa debit cards. Annual online spending on Visa cards in Europe topped €200 billion (€202bn) for the first time in this period and now accounts for more than 20% of Visa Europe’s processed business.

Since 2004, Visa Europe has been independent of Visa Inc. and incorporated in the UK, with an exclusive, irrevocable and perpetual licence in Europe. Both companies work in partnership to enable global Visa payments. As a dedicated European payment system Visa Europe is able to respond quickly to the specific market needs of European banks and their customers - cardholders and retailers - and to meet the European Commission’s objective to create a true internal market for payments.