US-based PenFed Credit Union has launched new contactless Visa credit and debit cards to enable tap-and-pay functionality for its customers.
PenFed contactless Visa cards come with EMV Chip technology to ensure protection against counterfeit fraud. A one-time code is generated during each transaction to protect sensitive information.
The contactless cards will be available on an ongoing basis to existing PenFed Credit Union customers as well as for its new members.
PenFed Credit Union president and CEO James Schenck said: “The release of the contactless credit cards comes at a time when we’re focusing on digital innovations and helping our members make purchases in the most convenient ways.
“Visa has been a longtime partner of PenFed and we’re thrilled to collaborate with them on this new product rollout.”
The credit union noted that the newly introduced contactless Visa cards will facilitate quick, easy and secure checkout for its customers.
Visa vice-president of consumer products Dan Sanford added: “Visa is committed to enabling fast, simple and secure payments experiences. We have seen consumers quickly embrace the speed, convenience and security of tapping to pay and are excited to work with PenFed to deliver this improved checkout experience for their members.”
Majority of US merchants have enabled tap-and-pay transactions at checkout. Statistics showed that more than 40% of all Visa in-store transactions outside of the US are tap-to-pay.