Visa launches first European Carigecash Europe V PAY transaction in Italy
Genova, Italy, 3 July 2007
The new pan European debit card CarigeCash Europe V PAY, based on chip and PIN technology, has been launched at an exclusive preview at the Banca Carige in Genova. The new card represents the safest and easiest way to make debit payments and cash withdrawals in Italy and Europe, operable on both the Bancomat and PagoBancomat Italian network and the European V PAY network.
The new payment system is a collaborative venture between Carige Bank, Visa Europe, CO.GE.BAN (Convenzione per la Gestione del Marchio Pagobancomat - an association created to regulate and develop the Bancomatpayment service at point-of-sale terminals) and SIA-SSB (the Italian credit and debit card processing company).
CarigeCash Europe V PAY is a useful, flexible and safe product which can be used in Italy and when travelling abroad. Equipped with chip and PIN, cardholders are guaranteed the highest levels of security and protection from fraud when making cash withdrawals and payments. The level of funds which can be stored on the card can be adapted to suit the requirements of the cardholder, without the need to use another card or incur charges. Cardholders can withdraw up to €1000 per day from Carige Bank Group ATMs.
Just like the previous Bancomat cards, CarigeCash Europe V PAY cards allow you to access real time information about your bank account, make direct and inter-banking transfers, and place extra funds on pre-paid mobile phones and prepaid Carige Easypay cards.
Another benefit of the card is that cardholders enjoy free insurance thanks to the Carige Insurance policy which protects against losses if a card is lost or stolen, before the card is cancelled.
Commented Carige’s General Manager Alfredo Sanguinetto who performed the first ever V PAY transaction in Italy at the launch:
“The banking and payment card industries are conscious of the advantages of developing international technology platforms to arrive at the very best payment solutions. That’s the case with the pan-European V PAY debit card, which satisfies all the requirements of our bank group by being a groundbreaking solution for the payment systems world. “Through the EMV technology (microchip and PIN solution) Carige offers clients an advanced level of security. Once again we can be proud that the Carige Group has been able to marry strong product and technological innovation with the ability to meet the needs of our clients for flexibility and security.”
Davide Steffanini, General Manager of the Visa Europe office in Italy highlighted:
“We are delighted to announce the introduction of the first European V PAY cards thanks to the partnership with Carige Bank. This product, which meets the requirements of SEPA, represents the first, concrete step towards being able to offer safer more reliable products for European citizens which can be used in the domestic market and when they travel around Europe. Thanks to the chip and PIN technology which is present on the V PAY card, clients of Carige Bank and all our member banks will be able to conduct debit payments with the highest level of security and pay all over Europe while enjoying the same economic conditions as in Italy. “We are also confident that, thanks to the convenience and ease of use of V PAY, cardholders will be encouraged to use this new card for low as well as high value transactions. This will create a virtuous circle bringing benefits to cardholders by optimising operational processes and reducing costs.
Continued Davide Steffanini:
“V PAY is the result of Visa Europe’s commitment to SEPA. As an exclusive European company, we wanted to design a product specifically for European banks, consumers and retailers, keeping in mind the requirements of transparency, security and efficiency that a 21st century financial product has to comply with. In particular, my colleagues and I are proud of the fact that the first real V PAY transaction in the whole of Europe has taken place in our country. We are confident that this product will immediately gain the recognition of the market.”
Said Alessandro Zollo, the CO.GE.BAN Secretary and ABI Responsible for the Monetica Sector and New Channels:
“The CarigeCash initiative shows how Italian banks are planning the evolution of Bancomat and PagoBancomat cards towards completely European products as is expected by the Euro Zone. The migration to products based on the SEPA schemes is progressing well and by the end of the year all POS and ATM terminals will work and accept payments with microchip technology. The banks and Bancomat/PagoBancomat’s domestic network have put a great deal of effort into this area and this investment has paid off by bringing cardholders a card that offers total security, flexibility and lower operating costs. It is thanks to products like this that we can start to wage the ‘war on cash’. This will include a series of initiatives which will be rolled out in Italy to encourage the use of electronic payment systems as a more efficient and modern payment method. These should also reduce the circulation of cash in our country, bridging the gap with the rest of Europe where cash transactions are already less common.”
SIA-SSB has performed the role of technological partner for the new CarigeCash Europe V PAY debit card, in particular transaction processing.
Said Nicola Cardone, Director of the SIA-SBB Cards Business Unit:
“Working together with Carige Bank, Cogeban and Visa in the design and planning of this new payment product we have been the first to introduce the V PAY card in Italy and Europe designed for the launch of SEPA scheduled for the beginning of 2008.”
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. As a dedicated European organisation 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 Europe is a part owner of Visa International, the organisation that ensures global interoperability of products as well as management of the Visa brand.
In October 2006, Visa announced that it intends to restructure its entire worldwide organisation except Europe in order to create a new public global corporation called Visa Inc. As a part of this restructuring, Visa Europe will remain a membership association with an exclusive, irrevocable and perpetual license in Europe.
Globally Visa is one of the world’s leading payment brands and has unsurpassed acceptance at approximately 24 million acceptance locations including one million ATMs.
For more information, visit www.visaeurope.com.
