Russia’s Ural Bank for Construction and Development (UBRD) has issued Visa Gold cards, which are powered by payWave contactless payment technology.
Go deeper with GlobalData
The new cards include an integrated antenna chip that allows customers to pay for purchases by waving the card in front of an electronic reader, reports YekaterinburgNews.
Customers using payWave are not required to enter a PIN number or provide a signature for transactions less than $25.
Developed by Visa, payWave data is secured through advanced data encryption technologies. Customers can leave their payWave cards in their wallets while paying, which reduces the risk of fraud.
Natalia Kulikova, UBRD payWave project manager, told the publication: "payWave contactless payment technology is pretty young- it has existed since 2011 in Russia.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"Now, it can be observed that the number of retail outlets with terminals equipped with contactless readers is growing rapidly. We are confident that soon UBRD cardholders with Visa payWave technology will appreciate the ease of use of such a card."
