SAN DIMAS, Calif. — WesCorp announced the passing on July 3 of Matt Morris III, a member relationship manager for the past 11 years.

The 59-year-old Morris, who advised credit unions in investment and portfolio management, suffered a stroke a day earlier in his office.

Morris’ career spanned 30-plus years in the financial services industry and included employment in a variety of financial institutions, where he was responsible for marketing and client sourcing of asset-backed securities, hedge vehicles for pipeline production, mortgage-backed securities, derivatives and collateralized mortgage obligations.

“We have all lost a loyal colleague and true friend. My thoughts and deepest sympathies go out to all who knew and embraced Matt as their trusted financial counselor, enthusiastic co-worker and cherished friend,” said WesCorp President/CEO Bob Siravo.

Those wishing to express their sympathy in memory of Morris are invited, in lieu of flowers, to make a contribution to the Wounded Warrior Project.

–handerson@cutimes.com

Visa Celebrating Contactless Card

SAN FRANCISCO — Visa Inc. has reported that acceptance of its contactless card program, called Visa payWave, has continued to gain momentum around the world–particularly outside the U.S.

Visa payWave-enabled cards allow consumers to “wave and go,” making every day transactions faster and more convenient. The technology is expanding to new merchant segments and is being added to an increasing number of Visa credit, debit and prepaid cards globally, the card brand said.

“Visa payWave is an excellent example of Visa’s approach to innovation and our ability to extend the value of Visa to new stakeholders and new market segments.” said Elizabeth Buse, global head of product at Visa Inc. “As the payments ecosystem expands, so does Visa’s opportunity to deliver innovative products and services to a diverse set of stakeholders.”

Visa also announced that it is currently migrating to an enhanced global specification, Visa Contactless 2.0, to further support the growth of Visa payWave around the globe. The new global contactless specification is based on the international EMV chip standards, enabling Visa to take advantage of the industry’s most advanced cryptographic techniques for Visa payWave transactions, regardless of where the card was issued or where the transaction takes place to further security, the card brand said.

Visa pointed to a variety of different events in different countries around the world as drivers for the increased payWave traffic, including one credit union adding the payWave enabled cards to its card offerings.

In the greater Washington region, the $8 million National Capital Federal Credit Union has announced this that it is adding the Visa payWave feature to its current portfolio of Visa credit cards. No one from the credit union was available to comment.

Much of the advance that payWave has made around the world has been tied to the quick restaurant or fast food markets, Visa said.

In Brazil, Visa and Banco Bradesco are the first to market in Brazil with contactless payment cards and have recently introduced the first Visa payWave pilot program. The trial allows consumers to perform no-PIN or no-signature Visa payWave transactions for all purchases less than 100 reis at any Starbucks location throughout Brazil.

A similar move came about in South Korea, where Visa and Starbucks have announced an exclusive partnership whereby Starbucks customers can simply pay for their purchases with a wave of their Visa payWave card or mobile device. Throughout South Korea, 12 major card issuers have launched Visa payWave programs, including Shinhan, Samsung, Hyundai, BC and Lotte Card. Visa payWave cards are accepted at various merchant locations including CGV, Homeplus, Primus, 7-Eleven, Lotte World, Red Mango, Michaa, Kyobo Books and SK gas stations.

In Thailand, payWave is available on public transportation in addition to quick serve restaurants. Visa, Bangkok Bank and Bangkok Mass Transit System (BTS) recently introduced the Bangkok Bank Blue Wave Credit Card. The Visa payWave-enabled card combines the features of a credit card, ATM card and BTS transit card into one simple design, the brand said.

Kasikorn Bank has also launched a Visa payWave program in Thailand with the rollout of its K-Wave Card. In Thailand, Visa payWave enabled-cards are accepted at merchants including Starbucks, Burger King, McDonald’s, Paragon, Big C and Levi.

Visa payWave rollouts and trials have been announced in Australia, Canada, China, Brazil, France, Guatemala, Hong Kong, Indonesia, Italy, Korea, Malaysia, Poland, Singapore, Spain, Switzerland, Taiwan, Thailand, Turkey, the United Kingdom and the United States.

–dmorrison@cutimes.com