Alliance Data Systems has introduced an EMV-based co-brand credit card solution with tap-and-pay functionality for its retail partners. The first of these dual-interface chip cards are co-branded with MasterCard and BJ’s Wholesale Club and the Fuel Rewards program.
With this new industry-leading functionality, customers can pay for purchases by tapping their card on a contactless-enabled terminal, making payments simple, easy and fast.
EMV – which stands for Europay, MasterCard and Visa – is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. Retailers’ EMV terminals require customers to insert their credit cards into a credit card slot at the bottom of the terminal, removing the card only after the transaction has been completed.
How it works: the new tap-and-pay enabled credit cards feature the universal wave symbol – a series of semi-circles – on the front of the card. When customers see the same wave symbol on a payment terminal, they simply need to hold their credit card close to or on the symbol until the terminal indicates the card has been accepted. If a terminal does not feature tap-and-pay functionality, consumers can swipe or insert their credit card, depending on the type of terminal.
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