As of today, all Popular or newly issued Visa replacement credit cards will have contactless or contactless payment technology as part of a business agreement between the financial institution and Visa.
It was reported that the new proximity payment technology, which meets all the same security standards as traditional chip cards, protects each transaction with multiple layers of security.
It is a short-range wireless technology, which detects the signal from the Visa card only when the distance between it and the device is four centimeters or less. In turn, the approval time is more agile than the traditional process of inserting or sliding the plastic into the point of sale terminal.RELATED
“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 agil ity when making payments, ”said Solimar Cedeño, vice president of the Individual Individual Credit Division.
“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, by inserting or sliding in POS terminals that do not yet have the offer. "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.