V PAY - benefiting your business
As well as helping banks to meet the requirements of the SEPA Cards Framework, V PAY can bring many additional benefits to your debit card programmes.
Easy to issue
It is simple and inexpensive to add V PAY to your existing debit programmes. V PAY can co-exist with any domestic-branded national debit card scheme; it is compatible with most European bank account numbering structures; and it can support other applications that reside on debit cards such as electronic purse products and loyalty schemes.Easy to acquire
Having completed some simple validation tests, acquirers can easily offer V PAY to their merchants. If an EMV chip and PIN terminal accepts any other Visa products, it will automatically support V PAY (if not, a simple software upgrade is all that is required). Also, existing merchant contracts may already cover V PAY acceptance.Widely accepted
Across Europe, V PAY can already be accepted at more than seven million EMV chip and PIN terminals and 340,000 ATMs. When a domestic-branded national debit scheme is co-badged with V PAY, it can also be accepted through the existing domestic merchant network.Minimum fraud
Because it is a chip-only product, with no fallback to magnetic stripe, V PAY cuts fraud and exception items to an absolute minimum. This can increase cardholder confidence, makes V PAY more attractive to merchants, protects you from related losses and shields you from reputation risks.Maximum usage
V PAY is specifically designed and positioned as a point-of-sale spending card. It should therefore enable you to increase the level of debit card usage (particularly for lower value payments) while also minimising per-transaction costs. This, in turn, can help you reduce the use of cash and its associated costs.Increased competition
Because it brings more competition to the European debit card market, V PAY enables your bank to benefit from added choice and flexibility. For example, V PAY can help your bank to create additional card propositions, and implement new customer segmentation programmes.Appealing to customers
The V PAY concept has been thoroughly tested through extensive research. Through a multi-country programme of focus groups, consumers have been introduced to the V PAY proposition and asked about their reaction to it.They say that they like the idea, they have complete confidence in the product and the V PAY logo will encourage them to use their card for more transactions in more locations more often. For example:
- Consistent, pan-European acceptance is perceived as a definite advantage over existing debit propositions
- The promise of enhanced security is regarded as a clear benefit
- The arrival of V PAY is seen as a welcome step forward – a logical evolution of their existing debit card
- The relationship between V PAY and Visa is viewed very positively – since Visa is associated with trust, competence and internationalism
