"Visa Wave is especially designed to introduce cashless electronic payment for two categories of merchants," said Visa's country manager for Malaysia, Jeffrey Perera. "Traditionally cash-based retail environments where transactions are of a lower value as well as high volume merchants where the speed of payment transactions are critical."
Visa member banks, including MBF, will offer the new card to consumers.
Each bank is also expected to launch communications and marketing campaigns to promote the new card.
The card uses technology that allows consumers to simply wave their Visa card over a sensor when making a purchase. There is a limit of $29 to minimise the risk of card fraud.
Transactions above the amount will require an EMV contact transaction (using a signature) with the same card.
Visa expects that over the next year most Malaysian card issuers will be offering Visa Wave to an estimated 500,000 cardholders and from June 2005, up to 4,000 Visa merchant locations will be Visa Wave enabled.
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