V PAY - benefits for merchants
V PAY cards are being issued to consumers across Europe.
Easy and cost effective to accept
Retailers with EMV-compliant chip terminals can begin accepting V PAY easily and immediately – there is no need for any technical modifications.
Acceptance procedures are also very simple – you just need to dip the card and ask for the cardholder to enter their PIN.
All transactions will either be accepted or declined – there is no option for a transaction to be referred. And, subject to local legal requirements, there is no need to keep printed copies of transaction receipts.
Increased sales from more V PAY cardholders
Increasing numbers of European cardholders will be issued with V PAY cards, which they will want to use in their own country, and across Europe.Because it is a chip-only, PIN-only product, V PAY also benefits from a consistent pan-European acceptance experience. Wherever they go, cardholders only ever need to dip their card and enter their PIN – so they will be confident to use their debit cards in more locations more often.
Low operating costs and minimum fraud losses
Because it is a debit card, V PAY is extremely cost-effective to accept. And, because it operates on a chip-only basis, the risk of fraud and disputes is reduced.Also, ongoing administrative costs are kept to a minimum (with no fallback acceptance procedures and, subject to local legal requirements, no need to store printed copies of sales receipts).
