Volkswagen Bank GmbH was founded in 1949 and works as an operating subsidiary of Volkswagen Financial Services AG, the financing business for new and used cars. Together with other subsidiaries of Volkswagen Leasing GmbH and Volkswagen Insurance Service GmbH they are active in the German market. Via these companies, Volkswagen Financial Services AG offers its customers in the financial segment a comprehensive range of services. This offer includes individual financing and leasing concepts as well as insurance packages and the direct banking. With EURO CASH, the cashless card payment system of the Volkswagen Bank, the customers are well prepared. Volkswagen Bank acts as a commercial network provider in the German market and since years successfully works with the payment devices from Verifone.
Volkswagen Bank is always on the lookout for new and innovative solutions for their business partners, which reflect the Volkswagen ethos.
A major goal of Volkswagen Bank was to offer customers convenience and choice at checkout. But above all, innovative, fast, and secure payment options are required.
For this reason, the Volkswagen Visa card was supplemented with Visa’s payWave contactless payment functionality. Because of this additional payment method, the points of acceptance needed to be upgraded to handle this payment method.
Volkswagen Bank provided its business partners with Verifone’s H5000 payment devices which includes integrated NFC/contactless technology. Additionally, the H5000 includes features such as large color touch screen, PCI PTS 3.0 approval, multiple connectivity options and extra fast processor.
Owners of Volkswagen Visa card can benefit by paying their bill via contactless technology. During the checkout process, the card is simply held to the display of the payment device and within seconds the payment process is completed on the H5000.
As contactless technology gains traction in Germany and across Europe, this project is another example of providing customers with payment flexibility and choice.
The combination of their own Visa payWave cards with Verifone’s hybrid payment device are a promising basis to establishing contactless payment nationwide for Volkswagen Bank.