Thursday, May 20, 2010

WELLS FARGO AND VISA ROLLOUT RAPID ALERTS FOR CREDIT CARDHOLDERS



Text message alerts offer near real-time warning of potentially fraudulent activity

SAN FRANCISCO, May 20, 2010 /PRNewswire/ — Wells Fargo & Company (NYSE: WFC) and Visa Inc. (NYSE:V) today announced the rollout of Rapid Alerts for Wells Fargo Visa credit cardholders. The free service allows consumers to better manage and track their spending while providing them with near real-time¹ detection of potentially fraudulent activity.
Rapid Alerts by Wells Fargo are enabled by Visa's transaction alerts platform. Alerts are sent on behalf of Wells Fargo directly from VisaNet, Visa's global processing network, typically within seconds of a transaction occurring. Rapid Alerts are triggered when the transaction meets certain criteria previously selected by the Wells Fargo Visa account holder and delivered via text message or e-mail. Rapid Alerts let consumers monitor their Wells Fargo Visa credit card account activity and take immediate action if they believe a potentially fraudulent transaction is taking place.
"We believe Rapid Alerts will give customers added peace of mind that they will be notified almost immediately when transactions occur," said Peter Ho, product manager for Wells Fargo Card Services and Consumer Lending. "We piloted Rapid Alerts in 2009 and received an overwhelming positive response from participants who said text alerts were an invaluable tool for monitoring their accounts. We want to help our customers succeed financially, and this is just one more tool to help them get there."
Rapid Alert messages contain the amount, time and date of the transaction, as well as currency conversion and information relating to the merchant, such as name and location. Rapid Alert messages help customers track their spending and better manage their finances. Customers also will be alerted to Wells Fargo Visa credit card payments that are declined, which may also help remind customers of recurring payments that they forgot to update due to a reissued, lost or stolen card.
"Visa is empowering cardholders to take an active role in managing and protecting their Visa accounts," said Jim McCarthy, global head of product at Visa Inc. "Visa's ability to analyze transactions "in-flight" enables us to provide our cardholders with near real-time transaction alerts. Participating Visa cardholders can typically receive alerts before they walk out of the store, rather than hours or even days later."
Wells Fargo credit card customers can learn more and sign up for the service at rapidalerts.wellsfargo.com. They will be able to choose the kinds of transactions for which they wish to receive alerts. Criteria for transaction alerts that cardholders may choose include:
  • Transactions that exceed a dollar amount chosen by the cardholder

  • Transactions initiated internationally

  • Card-not-present transactions, such as purchases made online or by telephone

  • Cash withdrawals from an ATM machine

  • Declined transactions

  • Gasoline transactions

"The most effective financial alerts deliver the right information at the right time – which typically is right away," said Mark Schwanhausser, senior analyst for multichannel financial services for Javelin Strategy & Research. "Consumers hunger for real-time alerts and mobile banking features that give them the confidence that they are in control of their money -- anytime, anywhere they happen to roam."
Wells Fargo has a tradition of helping consumers manage their finances and protect themselves against fraud and, if necessary, resolve it. Wells Fargo is a founding member of ITAC, the Identity Theft Assistance Center. In addition, Wells Fargo along with Bank of America, BB&T and JP Morgan Chase formed Early Warning Services, to help eliminate fraud in financial systems. Established as a trusted source for strategic fraud management, Early Warning Services facilitates the secure exchange of information and knowledge between organizations for the sole purpose of preventing fraud. Wells Fargo also partners with the Anti-Phishing Working Group, and law enforcement, as necessary.
"In addition to the alerts, customer can rest assured that their cards are also protected by our WellsProtect program," add Ho. "It provides cardholders with zero liability if their card is ever lost, stolen or used without authorization and the cardholder provides us with prompt notification. This means that a cardholder is automatically protected against any unauthorized transactions made at merchants, over the phone, on the Internet or at the ATM."


About Mobile Banking

In addition to receiving Rapid Alerts, Wells Fargo customers can access their accounts with Wells Fargo Mobile Banking. Wells Fargo offers three easy ways to bank on the go including its mobile web site at WF.com; an iPhone application that can be accessed by searching for "Wells Fargo Mobile" from the iTunes App Store; and text banking.


About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.


About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
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FICO Survey Indicates Credit Supply Unlikely to Meet Consumer Demand



In a sign of economic improvement, 52 percent of bankers surveyed expect consumers to seek more credit, but 92 percent expect lending standards to hold steady or get tougher
http://www.fico.comMINNEAPOLIS--(BUSINESS WIRE)--FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced the results of a survey conducted on its behalf by the Professional Risk Managers’ International Association (PRMIA) asking bank risk professionals to predict trends in consumer credit.
“Financial institutions have come to realize how vulnerable their businesses are to macro-economic forces and I expect to see much more emphasis placed on proactive, systematic risk management and loss prevention than we’ve seen in the past.”
Demand for Credit Up, But Lenders Still Cautious

The survey, conducted in March 2010, found that while bankers generally expected consumers to pursue more new credit as well as spend more against their existing credit lines, most lenders are likely to keep a close eye on risk management. Of the 127 bank risk professionals surveyed, 92 percent said they don’t expect to see an easing of lending standards in this quarter, 95 percent expected interest rates for consumer credit to stay at current levels or move higher, and 83 percent expected the average credit limit for new credit cards to be lower than in the past.
“Bankers have a growing sense of optimism about the economy, but it’s clear that risk management and responsible lending will be top-of-mind as they pursue new customers,” said Dr. Andrew Jennings, chief research officer at FICO and head of FICO Labs -- the company’s research unit that worked with PRMIA on this survey. “Banks will stay focused on loss prevention. Our survey found most bankers are still concerned about delinquencies. Throw in the CARD Act, which makes it harder for lenders to rein in risky cardholders, and it becomes highly unlikely we’ll see lenders throw caution to the wind.”
Delinquencies Expected to Increase

When asked about expected delinquency rates for several types of consumer credit, the majority of bankers said they expected delinquencies to increase. This includes home mortgages (60 percent of respondents expected a rise in delinquencies), credit cards (59 percent), and home equity lines of credit (56 percent). Even when asked about small business loans, 63 percent of lenders expected to see an increase in delinquencies.
Risk Management Becoming a Higher Priority in Banks

In a particularly telling result, 66 percent of bankers expected their institutions to increase the priority placed on risk management. Meanwhile, 34 percent expected the priority given to risk management to remain at its current level, and not a single respondent expected risk management to become a lower priority.
“Risk management hasn’t always been treated strategically, but that’s starting to change in a significant way,” said Dr. Russell Walker of the Zell Center for Risk Research at Northwestern University’s Kellogg School of Management. Walker is a PRMIA member and analyzed the survey results. “Financial institutions have come to realize how vulnerable their businesses are to macro-economic forces and I expect to see much more emphasis placed on proactive, systematic risk management and loss prevention than we’ve seen in the past.”
Risk Managers Almost Universally Pessimistic about Impact of CARD Act

While the recently implemented CARD Act was designed to protect credit cardholders from objectionable lending practices, the survey found it is likely to contribute to the gap between credit supply and credit demand. Of those survey respondents who work in the credit card industry, over 85 percent expected the CARD Act to result in higher interest rates for consumers and lower credit limits for new accounts. These respondents also expected the law to result in similar or lower acceptance rates for credit applications, indicating that tougher regulations and the ongoing struggle by credit card issuers to regain profitability will keep credit tight.
A detailed report of the survey results is available at http://www.prmia.org/PRMIA-News/USConsumerCreditRisk.pdf. FICO and PRMIA extend special appreciation to The Zell Center for Risk Research at The Kellogg School of Management for its assistance in analyzing the survey responses and writing the report. FICO intends to replicate this survey quarterly.
About PRMIA

The Professional Risk Managers’ International Association (PRMIA) is a higher standard for risk professionals, with 60 chapters around the world and more than 67,000 members from 198 countries. A non-profit, member-led association, PRMIA is dedicated to defining and implementing the best practices of risk management through education, including the Professional Risk Manager (PRM) designation and Associate PRM certificate; webinar, online, classroom and in-house training; events; networking; and online resources. More information can be found atwww.PRMIA.org.
About the Zell Center for Risk Research

The Zell Center for Risk Research promotes the study and understanding of the way people perceive risk, the effects of these perceptions, and the management of risk. The center accomplishes these objectives by encouraging academic research in this area, and through the communication of research findings to a wide audience of academics, students and practitioners. The center is housed within the Kellogg School of Management at Northwestern University, a widely-recognized global leader in management education. The school, located just outside of Chicago, is home to a renowned, research-based faculty and MBA students from around the globe. To learn more, visit www.kellogg.northwestern.edu.
About FICO

FICO (NYSE:FICO) transforms business by making every decision count. FICO’s Decision Management solutions combine trusted advice, world-class analytics and innovative applications to give organizations the power to automate, improve and connect decisions across their business. Clients in 80 countries work with FICO to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. FICO also helps millions of individuals manage their credit health through the www.myFICO.comwebsite. Learn more about FICO at www.fico.com.
FICO Statement Concerning Forward-Looking Information

Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company’s Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2009. If any of these risks or uncertainties materializes, FICO’s results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
FICO is a registered trademark of Fair Isaac Corporation.

Contacts

FICO

Media:

Steve Astle, 415-446-6204

stephenastle@fico.com

or

Investors/Analysts:

Michael Pung, 800-213-5542

investor@fico.com
Permalink: http://www.businesswire.com/news/home/20100519006769/en/FICO-Survey-Credit-Supply-Meet-Consumer-Demand


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FICO Survey Indicates Credit Supply Unlikely to Meet Consumer Demand



In a sign of economic improvement, 52 percent of bankers surveyed expect consumers to seek more credit, but 92 percent expect lending standards to hold steady or get tougher
http://www.fico.comMINNEAPOLIS--(BUSINESS WIRE)--FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced the results of a survey conducted on its behalf by the Professional Risk Managers’ International Association (PRMIA) asking bank risk professionals to predict trends in consumer credit.
“Financial institutions have come to realize how vulnerable their businesses are to macro-economic forces and I expect to see much more emphasis placed on proactive, systematic risk management and loss prevention than we’ve seen in the past.”
Demand for Credit Up, But Lenders Still Cautious

The survey, conducted in March 2010, found that while bankers generally expected consumers to pursue more new credit as well as spend more against their existing credit lines, most lenders are likely to keep a close eye on risk management. Of the 127 bank risk professionals surveyed, 92 percent said they don’t expect to see an easing of lending standards in this quarter, 95 percent expected interest rates for consumer credit to stay at current levels or move higher, and 83 percent expected the average credit limit for new credit cards to be lower than in the past.
“Bankers have a growing sense of optimism about the economy, but it’s clear that risk management and responsible lending will be top-of-mind as they pursue new customers,” said Dr. Andrew Jennings, chief research officer at FICO and head of FICO Labs -- the company’s research unit that worked with PRMIA on this survey. “Banks will stay focused on loss prevention. Our survey found most bankers are still concerned about delinquencies. Throw in the CARD Act, which makes it harder for lenders to rein in risky cardholders, and it becomes highly unlikely we’ll see lenders throw caution to the wind.”
Delinquencies Expected to Increase

When asked about expected delinquency rates for several types of consumer credit, the majority of bankers said they expected delinquencies to increase. This includes home mortgages (60 percent of respondents expected a rise in delinquencies), credit cards (59 percent), and home equity lines of credit (56 percent). Even when asked about small business loans, 63 percent of lenders expected to see an increase in delinquencies.
Risk Management Becoming a Higher Priority in Banks

In a particularly telling result, 66 percent of bankers expected their institutions to increase the priority placed on risk management. Meanwhile, 34 percent expected the priority given to risk management to remain at its current level, and not a single respondent expected risk management to become a lower priority.
“Risk management hasn’t always been treated strategically, but that’s starting to change in a significant way,” said Dr. Russell Walker of the Zell Center for Risk Research at Northwestern University’s Kellogg School of Management. Walker is a PRMIA member and analyzed the survey results. “Financial institutions have come to realize how vulnerable their businesses are to macro-economic forces and I expect to see much more emphasis placed on proactive, systematic risk management and loss prevention than we’ve seen in the past.”
Risk Managers Almost Universally Pessimistic about Impact of CARD Act

While the recently implemented CARD Act was designed to protect credit cardholders from objectionable lending practices, the survey found it is likely to contribute to the gap between credit supply and credit demand. Of those survey respondents who work in the credit card industry, over 85 percent expected the CARD Act to result in higher interest rates for consumers and lower credit limits for new accounts. These respondents also expected the law to result in similar or lower acceptance rates for credit applications, indicating that tougher regulations and the ongoing struggle by credit card issuers to regain profitability will keep credit tight.
A detailed report of the survey results is available at http://www.prmia.org/PRMIA-News/USConsumerCreditRisk.pdf. FICO and PRMIA extend special appreciation to The Zell Center for Risk Research at The Kellogg School of Management for its assistance in analyzing the survey responses and writing the report. FICO intends to replicate this survey quarterly.
About PRMIA

The Professional Risk Managers’ International Association (PRMIA) is a higher standard for risk professionals, with 60 chapters around the world and more than 67,000 members from 198 countries. A non-profit, member-led association, PRMIA is dedicated to defining and implementing the best practices of risk management through education, including the Professional Risk Manager (PRM) designation and Associate PRM certificate; webinar, online, classroom and in-house training; events; networking; and online resources. More information can be found atwww.PRMIA.org.
About the Zell Center for Risk Research

The Zell Center for Risk Research promotes the study and understanding of the way people perceive risk, the effects of these perceptions, and the management of risk. The center accomplishes these objectives by encouraging academic research in this area, and through the communication of research findings to a wide audience of academics, students and practitioners. The center is housed within the Kellogg School of Management at Northwestern University, a widely-recognized global leader in management education. The school, located just outside of Chicago, is home to a renowned, research-based faculty and MBA students from around the globe. To learn more, visit www.kellogg.northwestern.edu.
About FICO

FICO (NYSE:FICO) transforms business by making every decision count. FICO’s Decision Management solutions combine trusted advice, world-class analytics and innovative applications to give organizations the power to automate, improve and connect decisions across their business. Clients in 80 countries work with FICO to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. FICO also helps millions of individuals manage their credit health through the www.myFICO.comwebsite. Learn more about FICO at www.fico.com.
FICO Statement Concerning Forward-Looking Information

Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company’s Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2009. If any of these risks or uncertainties materializes, FICO’s results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
FICO is a registered trademark of Fair Isaac Corporation.

Contacts

FICO

Media:

Steve Astle, 415-446-6204

stephenastle@fico.com

or

Investors/Analysts:

Michael Pung, 800-213-5542

investor@fico.com
Permalink: http://www.businesswire.com/news/home/20100519006769/en/FICO-Survey-Credit-Supply-Meet-Consumer-Demand


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ViVOtech Wins 2 Major Awards for Its Role in Enabling the Biggest NFC Mobile Payment Pilot to Date for Citi in India



ViVOtech Awarded the Smart Card Alliance OSCA Awards for Best Payments Innovation Technology and the Contactless Intelligence 'Monkey' Awards for Competitive Advantage through Technology

SANTA CLARA, Calif., May 19 /PRNewswire/ -- Silicon Valley-based ViVOtech, the leader in Near Field Communication (NFC) mobile payments, loyalty and marketing applications and contactless NFC readers, announced today it is the recipient of two major awards for its role as the NFC software solution provider for the Citi Tap and Pay mobile payment pilot in India. ViVOtech was selected as the winner of the Smart Card Alliance "Outstanding Smart Card Achievement" (OSCA) Award for Innovation in Payments Technology and the Contactless Intelligence "Monkey" Awards for Competitive Advantage through Technology. Citi Tap and Pay was the world's largest and most comprehensive next-generation contactless credit card payments pilot ever undertaken based on NFC technology. ViVOtech provided the underlying technology including the NFC wallet, the Over-the-Air (OTA) card provisioning software, the smart posters and the mobile coupon application in addition to the contactless readers that participating merchants used to accept payments.
"ViVOtech is very excited with the recognition we are receiving for our role in enabling the Citi Tap and Pay pilot as the NFC software solution provider," said Michael Mullagh, CEO of ViVOtech. "ViVOtech's mobile software solution is designed to be easily rolled out to a large base of consumers, and it was proven through delivering over 3,000 users a seamless mobile payment and promotion experience."
ViVOtech provided a complete NFC mobile payment and coupon solution, including the following software, hardware, and services components:
  • Citi Wallet Software distributed with Nokia 6212 NFC mobile phone

  • OTA & Trusted Service Management Software (Control Server) installed at Vodafone, the participating Mobile Network Operator

  • OTA card provisioning software (Issuer Server) installed at the Citi India data centre

  • Mobile promotion coupon and smart poster management software

  • Smart posters with ViVOtag technology installed in various shopping areas

  • NFC contactless readers installed at merchant locations

  • Local support during the trial period



The mobile payment infrastructure deployed with ViVOtech technology allowed pilot participants to purchase NFC-capable Nokia N 6212 classic phones at designated Nokia stores, pre-loaded with Citi Tap and Pay wallet application enabled with MasterCard's PayPass™ contactless payment technology. Participants were then able to securely and easily execute an OTA download of their Citibank MasterCard credit card onto their mobile phones. Participants also enjoyed promotional offers by tapping their NFC phones on smart posters, and received coupons in seconds. Post-purchase, participants used their phones to make Tap and Pay transactions at locations displaying the Citi Tap and Pay and MasterCard PayPass™ acceptance marks.
With over 3,000 participants the Citi Tap and Pay pilot was a major success. Edgar Dunn & Company in an independent report published in early march said that the "The Tap and Pay mobile proximity payments pilot project in Bengaluru, represented a watershed event in the recent intensive history of Mobile Financial Services." The report went on to say  "It was the largest pilot programme of its kind to date. It identified positive consumer demand, reliability of available technology, and growth in purchase volumes. It demonstrated that with confirmed commitment and investment from industry stakeholders, mobile NFC proximity payments have the potential to generate growth in payments, create value for stakeholders, and help convert cash transactions to electronic payments."
To download the full report on Citi Tap and Pay pilot from Edgar Dunn & Company, go to:
The Smart Card Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption, use and widespread application of smart card technology. The Alliance invests heavily in education on the appropriate uses of technology for identification, payment and other applications and strongly advocates the use of smart card technology in a way that protects privacy and enhances data security and integrity. Through specific projects such as education programs, market research, advocacy, industry relations and open forums, the Alliance keeps its members connected to industry leaders and innovative thought. The Alliance is the single industry voice for smart card technology, leading industry discussion on the impact and value of smart cards in the U.S. and Latin America.
About the Contactless Intelligence Monkey Awards (http://c-i.tv/index.php?id=394)
The Monkey Awards are presented to those companies, organizations and retailers who have done the most to embrace and implement contactless technology into their day-to-day operating practices. These awards represent a real promotional springboard and give the winners a reputation and credibility for their efforts within the industry. The competition is open to all implemented contactless applications within the relevant sectors, regardless of geographic region or size of corporation. Selected by a panel of experts, the Awards will be presented to the Winners at a prestigious evening ceremony organized in London during the Contactless Intelligence Spring Conference (29th April 2010).
About ViVOtech
ViVOtech (www.vivotech.com) is the leading end-to-end enabler of next-generation mobile payments, loyalty and marketing solutions. ViVOtech provides mobile payment solutions, mobile marketing and loyalty applications software for existing as well as Near Field Communication (NFC) enabled mobile handsets, Over-The-Air (OTA) provisioning infrastructure software, NFC smart posters and contactless terminals. ViVOtech's products are used by most prominent retailers all over the globe; the company has shipped over 660,000 contactless and NFC payment terminals to more than 35 countries. In 2009, ViVOtech received the prestigious Frost and Sullivan North American Smart Cards Product Line Strategy of the Year Award. In 2010, ViVOtech won 2010 Mobility Award for its NFC mobile ViVOwallet software. ViVOtech's investors include Citi, First Data Corporation, Motorola Ventures, NCR and Nokia Growth Partners.
SOURCE ViVOtech
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ViVOtech Wins 2 Major Awards for Its Role in Enabling the Biggest NFC Mobile Payment Pilot to Date for Citi in India



ViVOtech Awarded the Smart Card Alliance OSCA Awards for Best Payments Innovation Technology and the Contactless Intelligence 'Monkey' Awards for Competitive Advantage through Technology

SANTA CLARA, Calif., May 19 /PRNewswire/ -- Silicon Valley-based ViVOtech, the leader in Near Field Communication (NFC) mobile payments, loyalty and marketing applications and contactless NFC readers, announced today it is the recipient of two major awards for its role as the NFC software solution provider for the Citi Tap and Pay mobile payment pilot in India. ViVOtech was selected as the winner of the Smart Card Alliance "Outstanding Smart Card Achievement" (OSCA) Award for Innovation in Payments Technology and the Contactless Intelligence "Monkey" Awards for Competitive Advantage through Technology. Citi Tap and Pay was the world's largest and most comprehensive next-generation contactless credit card payments pilot ever undertaken based on NFC technology. ViVOtech provided the underlying technology including the NFC wallet, the Over-the-Air (OTA) card provisioning software, the smart posters and the mobile coupon application in addition to the contactless readers that participating merchants used to accept payments.
"ViVOtech is very excited with the recognition we are receiving for our role in enabling the Citi Tap and Pay pilot as the NFC software solution provider," said Michael Mullagh, CEO of ViVOtech. "ViVOtech's mobile software solution is designed to be easily rolled out to a large base of consumers, and it was proven through delivering over 3,000 users a seamless mobile payment and promotion experience."
ViVOtech provided a complete NFC mobile payment and coupon solution, including the following software, hardware, and services components:
  • Citi Wallet Software distributed with Nokia 6212 NFC mobile phone

  • OTA & Trusted Service Management Software (Control Server) installed at Vodafone, the participating Mobile Network Operator

  • OTA card provisioning software (Issuer Server) installed at the Citi India data centre

  • Mobile promotion coupon and smart poster management software

  • Smart posters with ViVOtag technology installed in various shopping areas

  • NFC contactless readers installed at merchant locations

  • Local support during the trial period



The mobile payment infrastructure deployed with ViVOtech technology allowed pilot participants to purchase NFC-capable Nokia N 6212 classic phones at designated Nokia stores, pre-loaded with Citi Tap and Pay wallet application enabled with MasterCard's PayPass™ contactless payment technology. Participants were then able to securely and easily execute an OTA download of their Citibank MasterCard credit card onto their mobile phones. Participants also enjoyed promotional offers by tapping their NFC phones on smart posters, and received coupons in seconds. Post-purchase, participants used their phones to make Tap and Pay transactions at locations displaying the Citi Tap and Pay and MasterCard PayPass™ acceptance marks.
With over 3,000 participants the Citi Tap and Pay pilot was a major success. Edgar Dunn & Company in an independent report published in early march said that the "The Tap and Pay mobile proximity payments pilot project in Bengaluru, represented a watershed event in the recent intensive history of Mobile Financial Services." The report went on to say  "It was the largest pilot programme of its kind to date. It identified positive consumer demand, reliability of available technology, and growth in purchase volumes. It demonstrated that with confirmed commitment and investment from industry stakeholders, mobile NFC proximity payments have the potential to generate growth in payments, create value for stakeholders, and help convert cash transactions to electronic payments."
To download the full report on Citi Tap and Pay pilot from Edgar Dunn & Company, go to:
The Smart Card Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption, use and widespread application of smart card technology. The Alliance invests heavily in education on the appropriate uses of technology for identification, payment and other applications and strongly advocates the use of smart card technology in a way that protects privacy and enhances data security and integrity. Through specific projects such as education programs, market research, advocacy, industry relations and open forums, the Alliance keeps its members connected to industry leaders and innovative thought. The Alliance is the single industry voice for smart card technology, leading industry discussion on the impact and value of smart cards in the U.S. and Latin America.
About the Contactless Intelligence Monkey Awards (http://c-i.tv/index.php?id=394)
The Monkey Awards are presented to those companies, organizations and retailers who have done the most to embrace and implement contactless technology into their day-to-day operating practices. These awards represent a real promotional springboard and give the winners a reputation and credibility for their efforts within the industry. The competition is open to all implemented contactless applications within the relevant sectors, regardless of geographic region or size of corporation. Selected by a panel of experts, the Awards will be presented to the Winners at a prestigious evening ceremony organized in London during the Contactless Intelligence Spring Conference (29th April 2010).
About ViVOtech
ViVOtech (www.vivotech.com) is the leading end-to-end enabler of next-generation mobile payments, loyalty and marketing solutions. ViVOtech provides mobile payment solutions, mobile marketing and loyalty applications software for existing as well as Near Field Communication (NFC) enabled mobile handsets, Over-The-Air (OTA) provisioning infrastructure software, NFC smart posters and contactless terminals. ViVOtech's products are used by most prominent retailers all over the globe; the company has shipped over 660,000 contactless and NFC payment terminals to more than 35 countries. In 2009, ViVOtech received the prestigious Frost and Sullivan North American Smart Cards Product Line Strategy of the Year Award. In 2010, ViVOtech won 2010 Mobility Award for its NFC mobile ViVOwallet software. ViVOtech's investors include Citi, First Data Corporation, Motorola Ventures, NCR and Nokia Growth Partners.
SOURCE ViVOtech
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