What is PayWave? PayWave Review, Features

PayWave Visa payWave is a new feature for Visa chip cards that uses the latest near field communication technology (NFC) to support contactless payments at sales terminals. It aims to enable electronic payment methods to enter the traditional retail industry dominated by cash transactions.

About PayWave

PayWave uses Host Card Emulation (HCE) technology to emulate smart cards using any Android NFC app, giving smartphones payment capabilities. With the security of Visa technology, users can pay by waving their smartphones in front of secure card machines.

Separately, Visa is developing a software development kit (SDK) to allow partners to use Visa payWave functionality in their own applications.

Visa deploys multi-layered security mechanisms to protect payment accounts at the cloud, Visa network, application and hardware levels. One-time data, real-time transaction analysis, payment tokens and device fingerprint technology help prevent unauthorized account access.

Products and Services

consumer:

• Visa

This card not only features the convenient Visa payWave technology, but also has a magnetic stripe for traditional payments.

• Visa payWave for mobile

Use payWave on your phone for cardless transactions. With eligible devices, you can pay with a simple wave through the payWave app.

Merchant:

Compatible with Apple Pay, Android Pay, Samsung Pay

Frequently asked questions

Q : What benefits will accepting Visa payWave bring to my business?

A : Visa payWave helps support the future advancement of mobile payments. Your customers don’t have to fiddle with cash and coins, which speeds up checkout and reduces lines. In addition, a signature is not required for most transactions under $25 at participating merchants, speeding up the payment process.

Q : Is it safe for my customers to use Visa payWave?

A : Yes. Visa payWave uses multiple layers of security to protect transactions, including encryption and secure network processing. Customers are also protected by a zero-risk cardholder policy that protects them from unauthorized purchases made using their Visa payWave card or mobile device. In addition, customers always have their card in their possession during the checkout process, providing increased cardholder control and security at the point of sale.

Visa's zero risk policy applies to bank cards issued in the United States and does not apply to certain commercial card transactions or any transactions not processed by Visa. If you discover any unauthorized use, you should immediately notify the relevant financial institution. For specific restrictions and other details, please contact your card issuer.

Q : Will the bank card information be read without the customer’s knowledge?

A : You need to wave your Visa payWave-enabled bank card within 2.5 cm of the secure card reader and in the correct direction to be successfully read. Only authorized merchant secure card readers can process information on Visa payWave-enabled Visa cards and devices.