Banco Popular And Visa Launch Contactless Payment Technology

Banco Popular and Visa announced today, Tuesday, the debut in Puerto Rico of contactless or “contactless” payments for their credit card portfolio, so as of today, all of the newly issued Popular Visa credit cards or replacement, they will have this new technology of proximity payments.

This technology meets all the same security standards as traditional chip cards, including that each transaction is protected by multiple layers of security.

This payment method uses a short range wireless technology, which detects the signal from your Visa card only when the distance between the card and the device is four centimeters or less. The approval time is more agile than the traditional process of inserting or sliding the plastic into the point of sale terminal.

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“One of the main pillars of Popular 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 the Individual Individual Credit Division, through a press release.

“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 (IoT) ”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".

Cards issued with “contactless” technology also work on a regular basis, as they can be inserted or slid into point-of-sale terminals that do not yet have this technology.

"We are 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 over 4,000 shops with ready-to-sell terminals and in the coming months this amount will continue to increase. To know if a point of sale terminal of a store has this new technology, the “contactless” symbol must be identified.

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