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V Pay – pay cash in Europe
Unknown to most consumers, a new logo has been established to millions of bank cards: It shows an ultraviolet “V” with a hint of orange on a white background. Below is short and sweet “pay”. Together, we are V Pay. It is a system of payment by Visa Europe, which is constantly being developed in collaboration with European and national decision-making bodies and used by more and more banks. VISA itself speaks of a “great dynamics in the innovation front.”
What is V Pay?
Although V Pay comes from the idea of forging a credit card company, but is more like an ec or Girocard compare. The aim of the V Pay debit card is a European standard that allows consumers to purchase both in France and in Switzerland and Austria goods or use services and pay cash. In this regard, V Pay is on the way. Many banks, retailers and service providers – especially in holiday regions – are already one of the party, and there are always more.The advantage for the bank customer is thus obvious: Within Europe, theoretically enough a debit card in your wallet, where it currently makes sense, remains a credit card in the luggage to have.
What distinguishes V Pay?
Aside from the fact that V Pay was designed across borders and this objective is now also widely justice speaks especially the safety aspect of the product of VISA Europe. The bank card is equipped with an EVM chip. The payment process is necessary for the processes that were previously handled by the magnetic strip, now done by the chip. This makes V Pay a special secure system, since improper magnetic stripe transactions are eliminated. In addition, the cardholder verification is solely and without exception about the personal identification number (PIN) – regardless of whether is online or bought in local store.
Point three on the list of V Pay advantages: flexibility. Banks have the option to output a pure V Pay card that only works with this system. Or, combine the created by Visa Europe system with known applications. Map products can be designed and individually tailored to the customer thanks to this compatibility so. Even the link to a bonus program is possible.
What changes by V Pay for consumers?
This flexibility also benefits the customer. You need not buy a switch, but can use their cards as usual – with the difference that a bank card with Pay-V function can be used even beyond the borders of the Federal Republic of problems for cash withdrawals or number of transactions in the meantime. According to VISA Europe there is an “automatic upgrade”. Once the expiry date of the old card has expired, the customer receives a new bank card with V Pay. To recognize the innovation only at the small logo on the card.
V Pay on time to be available everywhere and “support banks in further expanding the use of debit cards.” That is, V Pay mainly aims to everyday spending and therefore not only to the large amounts invoiced. To increase the acceptance is therefore provided, the system also reinforced with self-service transactions – such as at ticket machines – use. Together with low operating costs for traders who can dispense entirely with paper copies of the transaction documents, and the lower transaction costs resulting enormous potential.
This is supported by the numbers: In 2008, just one million V Pay cards with logo in circulation. The number rose sharply to 18.6 million by 2011. The commitments are now even 69 million cards. The situation is similar with the acceptance. 2007, there were 2.5 million, 8.5 million already in 2011 – and the trend continues. By the way: According to the current state of affairs V Pay cards (March 2013) issued in eight EU countries: Germany, Luxembourg, Austria, Bulgaria, Switzerland, Netherlands, France and Italy.
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