DZ BANK issues first V PAY card in Germany
The German debit card market gets an easier and more secure alternative for payments due to chip and PIN technology
Frankfurt, December 14, 2007
The largest financial services provider in Germany, DZ BANK AG, and Visa Europe today introduced the first German V PAY debit card in Europe’s largest market. Following the groundbreaking agreement of DZ BANK, WGZ Bank, Bundesverband der deutschen Volksbanken und Raiffeisenbanken (BVR) and Visa Europe last year, V PAY has now become a reality in Germany. V PAY is a European debit card which meets all requirements regarding the upcoming Single Euro Payments Area (SEPA).
FinanzVerbund allows freedom of choice in the debit card market with the issuance of V PAY cards co-branded with electronic cash. Therefore, Volksbanken in Chemnitz, Stuttgart, Göttingen, Hildesheim, Meppen, Neu-Ulm and Vilshofener Land, as well as the Raiffeisenbank Eichstätt will together issue V PAY cards in the next year. Further banks will follow.
“With V PAY we consciously decided to issue a very innovative card product,” said Dietrich Voigtländer, CEO of the DZ BANK. “We are delighted to offer our Volksbanken Raiffeisenbanken the option to issue V PAY – in collaboration with our partners DG VERLAG, CardProcess, GAD and Fiducia. Our banks can provide their customers with an innovative product with a very high security standard – Chip and PIN. The card can be used for payment or to withdraw cash in as well as throughout Europe with V PAY.”
“We are delighted to announce the issuance of the first V PAY card in Germany with DZ Bank,“ said Philippe Menier, Deputy Chief Executive of Visa Europe.
“V PAY already meets the SEPA requirements ahead of the January 2008 deadline and therefore is a competitive alternative for banks in the debit card market."
22 banks in 8 European countries have already committed to the introduction of V PAY, which will equate to 20 million V PAY cards. 4 million European merchants and a quarter of a million ATMs are now ready to accept V PAY. V PAY is a new type of pan-European debit card, based entirely on chip and PIN. As it takes full advantage of Europe’s market leading position in chip, it is cost-effective for banks to implement, efficient for merchants to accept, and secure for cardholders to use. V PAY is tailored to the needs of European banks and consumers with regards to SEPA.
- Ends -
About Visa Europe
In Europe, there are nearly 321 million Visa debit, credit and commercial cards. In the 12 months ending September 2006, those cards were used to make purchases and cash withdrawals to the value of over €1.2 trillion. For every €9 spent in Europe today, €1 is spent on a Visa card.
Visa Europe is a membership association - an organisation owned and operated by its 4,500 European member banks – that was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe.
As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers – cardholders and retailers, and to meet the European Commission’s objective to create a true internal market for payments.
Visa enjoys unsurpassed acceptance around the world. In addition, Visa/Plus is one of the world’s largest global ATM networks, offering cash access in local currency in over 170 countries.
Contact details:
Visa Europe press office
Tel: +44 (0)20 7795 5463
E-mail: europeanmedia@visa.com
