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DALLAS -- 7-Eleven Inc. plans to make the purchasing process faster and easier for many of its customers by accepting Visa Contactless payments, a new feature on Visa cards that uses radio-frequency technology to enable customers to make a purchase by simply holding their Visa Contactless card within one inch of a secure reader at checkout instead of swiping it. 7-Eleven will install contactless card readers at all of its 5,300 U.S. stores throughout 2005.
Visa Contactless transactions use a tiny radio transmitter embedded in the card to send payment information rapidly and securely at the point of sale terminal. All other aspects of the contactless transaction are handled in the same way as a traditional credit- or debit-payment transaction, the company reports.
"7-Eleven stores are loaded with convenience from location to product selection to speed of service," said Rick Updyke, 7-Eleven's vice president of business development. "As customers come to 7-Eleven for convenience, they expect quick, uncomplicated service, and 7-Eleven accepting Visa Contactless payments will make their transactions even faster and less complicated. Contactless payment technology will be a part of other products and services we will offer to assist our customers in their everyday life."
Cardholders receive all the same security protections already provided by Visa, including zero liability for fraudulent charges and Visa's industry-leading anti-fraud technology. Also, cardholders making purchases at 7-Eleven stores with Visa Contactless have an extra layer of security because the card never leaves their hand and can only be read during a transaction at extremely close proximity to a contactless reader, according to the company.
In addition to improving the shopping experience for its customers, Visa Contactless payments give 7-Eleven the ability to process more transactions in less time and significantly improve operating efficiencies. Visa tests show that contactless payments are up to 25 percent faster than cash transactions.
"Visa looks forward to its partnership with 7-Eleven to offer the very latest in payment technology and to make check-out faster and easier for consumers," said Elizabeth Buse, executive vice president, product development and management, Visa. "Now, more than ever, Visa cardholders are looking for payment choices, and they want to spend less time making everyday purchases. Visa and 7-Eleven are addressing this demand with the roll out of Visa Contactless."