First Internet Bank of Indiana (First IB) has begun issuing debit cards that include the Visa payWave (contactless) feature. These contactless debit cards are expected to offer First IB cardholders easier check-out, with the same security protection given to traditional magnetic stripe cards.
First IB said that each debit card, enabled with Visa payWave, is embedded with a computer chip that uses radio frequency to perform the transaction. By simply holding the First IB debit card with Visa payWave close to a contactless card reader, customers can complete a purchase transaction. The cardholder remains in possession of his or her card at all times and, for most purchases under $25, will not be required to sign.
David Becker, president and CEO, First IB, said: “First Internet Bank strives to be a leader in innovation, and the adoption of this card keeps First IB at the forefront of banking technology. Studies have shown, and our employee pilot program confirms, that cardholders find contactless payments to be fast and easy. We are pleased to offer our customers this new feature for everyday purchases. It’s just another way we work to make banking easier for our customers.”
