MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), continues to be at the forefront of contactless payments innovation with the introduction of the U.S. Bank MasterCard® PayPass™ VITAband®, a light-weight and durable wristband that combines contactless payment technology with emergency contact and medical information.
The VITAband allows customers to simply “Tap & Go” when making purchases at merchant locations that accept contactless payments. It also links to a customizable Emergency Response Profile (ERP) that provides medical professionals with fast access to critical medical information in the event of an emergency. U.S. Bank employees began testing the VITAband in multiple states in the second quarter of 2011, making U.S. Bank one of the first major card issuers in the United States to pilot this new technology.
U.S. Bank is partnering with MasterCard Worldwide, Vita Products, Inc., Oberthur Technologies and FIS™ (NYSE: FIS) to provide this product and service that combines advanced financial management and universal health record technology.
“U.S. Bank MasterCard PayPass VITAband is great for sports enthusiasts or people who are on-the-go and don’t want the hassle of carrying cash and identification. It provides contactless payment functionality, along with access to emergency contact and medical information, all in one convenient wristband,” said Beth Blaisdell, senior vice president for U.S. Bank Payment Services. “Listening to and understanding the financial and personal needs of our customers inspire us to offer unique and powerful new products like the VITAband.”
Issued by U.S. Bank, the MasterCard PayPass VITAband contains a Radio Frequency Identification (RFID) payment chip, which enables contactless purchases. Customers can load and reload funds onto the chip as needed via an online user account. Each band also carries a VITAnumber, a unique, eight digit numeric identifier that links the wearer to a customizable Emergency Response Profile, which houses the individual’s identity and critical medical information. First responders can access the profile in the event of an emergency. With a VITAband, customers benefit from both convenience and peace of mind.
“Combining the speed and convenience of contactless payments technology with a high-tech medical ID bracelet, the U.S. Bank MasterCard PayPass VITAband is the perfect companion for those with an active lifestyle,” said Mario Shiliashki, senior vice president, U.S. Emerging Payments. “Innovations like this are a natural fit for PayPass technology, which is designed to enable people to pay and quickly be on their way.”
With the VITAband, customers can conveniently check their account balances, reload associated prepaid accounts and customize their Emergency Response Profiles. Signatures are also not required for purchases under $50 that are made with the PayPass-enabled wristband, further expediting transactions. All transactions for the initiative are processed by FIS.
About VITA Products, Inc.
Launched in Spring 2011, Vita Products, Inc. combines innovative contactless payment technology and the safety of a personal health record in a convenient, wearable line of accessories known as VITAforms. Vita Products accessories offer access to cash with a state-of-the-art contactless payment system, while also housing personal information through an Emergency Response Profile (accessed in the event of an emergency) - all in a sleek, comfortable accessory that’s perfect for anyone on-the-go. The company’s debut VITAform, the VITAband, is a first of its kind bracelet. Vita Products are sold online at www.VITAband.net.
About MasterCard PayPass
MasterCard PayPass is ideal for traditional cash-heavy environments where speed is essential, and has led the way in bringing contactless technology to consumer categories such as quick serve restaurants, drug stores, gas stations, vending machines, convenience stores, sports arenas, movie theaters, transit systems, taxis, parking garages and more. As of Q1 2011, more than 92 million PayPass cards and devices have been issued for use at approximately 311,000 merchant locations worldwide. For more information about MasterCard PayPass and a full list of participating merchants, visit www.mastercard.com/paypass.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews
FIS (NYSE: FIS) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. FIS is ranked 426 on the Fortune 500, is a member of Standard & Poor’s 500® Index and consistently holds a leading ranking in the annual FinTech 100 list. For more information about FIS, visit www.fisglobal.com.
About Oberthur Technologies
Oberthur Technologies is a world leader in the field of secure technologies: systems development, solutions and services for smart cards (payment cards, SIM cards, access cards, NFC…) and for secure identity documents, traditional and electronic (identity card, passport, health care card), production of banknotes, cheques and other fiduciary documents, intelligent systems to secure cash-in-transit and ATM. Oberthur Technologies has 6,800 employees through 40 countries and 65 sites. The Group posted 2010 sales of €979M. Website: www.oberthur.com
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $311 billion in assets as of March 31, 2011, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,082 banking offices in 25 states and 5,238 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
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