Faster processing of PayWave transactions

According to reports Visa is shifting its Visa payWave platform to a global specification called Visa Contactless 2.0. The new specification is in compliance with the international EMV chip standards.

Visa Contactless 2.0 specification will allow Visa payWave-enabled card users to use their contactless cards worldwide while providing card issuers with the opportunity to adapt programs to meet local market needs.

"Visa has developed a global contactless platform built on the experience of implementing programs in multiple countries and regions," says Elizabeth Buse, global head of product at Visa Inc. "This new specification will allow card issuers and vendors globally to implement contactless solutions that are globally interoperable while also providing advanced EMV-based security."

The latest innovation is compatible with existing Visa contactless card programs in the market and in development. All payment platforms, credit, debit and prepaid can be supported by Visa Contactless 2.0. Besides, it can be also integrated with mobile devices.

First contactless specification was issued by Visa in 2002. Then the focus was made on local market implementations and requirements.