Visa claims that chip cards have touched the... - Travel News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Travel » Visa claims that chip cards have touched the one-million mark

Visa claims that chip cards have touched the one-million mark

Visa claims that chip cards have touched the one-million mark
The content is accurate at the time of publication and is subject to change.

Stephanie Ericksen, who is the head of “authentication product integration” at Visa Inc., has stated that they will be able to build an infrastructure to accept NFC mobile payments, by migrating to the chip technology. After they had announced their roadmap last year, they have seen a large interest among the big and small card issuers in the US, who were more than willing to invest in the chip technology. This is a significant progress considering the fact that even 18 months ago, there seemed to be no Visa-branded EMV chip cards that were issued anywhere in the US.

Ericksen was referring to the “roadmap” where Visa had planned to give incentives to retailers as well as payment processors & acquirers in order to convince them to shift to a better technology such as chip cards. As per this approach from Visa, both the methods along with the “no signature required” approach will be available to card issuers as well as retailers in the US, to suit their preferences. If retailers shifted to terminals, which support the chip and contactless transactions, they may be exempted from “card data security” requirements that have been found to be expensive and burdensome in the past.

Chase Card Services, United Nations Federal Credit Union, State Employees` Credit Union, Wells Fargo, and U.S. Bank have issued credit cards with embedded chip technology, as per reports from Visa. This is a significant development, state industry analysts, because Visa had been looking at getting the retailers to support the chip technology, before getting financial institutions to start issuing them.

Eric Schindewolf, Vice President, Product Development, Wells Fargo Consumer Credit Card, stated that Wells Fargo had led the way in 2011, with the EVM smart card pilot, where around 15,000 customers had been issued these cards. These were frequent travelers to countries where they had already switched to chip-based payment modules. Due to the overwhelming success the pilot project had seen, they were trying to ensure that this program has a wider reach.

However, all industry analysts are not too impressed by the announcement made by Visa, because they felt that the one-million mark only filled the “boutique and travel” niche, where using the card with magnetic stripe was proving to be a handicap.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

New Visa Cards From CRYPTO.com

Posted: July 17, 2018

CRYPTO.com, a payments and cryptocurrency platform, is now offering three new cards - Icy White, Jade Green and Royal Indigo. These are Cryptocurrency-based credit cards. With them, people can get a wide range of perks and benefits, ... Continue reading
A New Priority Pass Restaurant and Lounge in Washington D.C.

Posted: July 16, 2018

Hitting the lounge for some rest and relaxation when flying can be a great perk. And now people with Priority Pass membership - or a credit card giving them Priority Pass lounge access - have two new options to check out when passing ... Continue reading
New LL. Bean Credit Card

Posted: July 13, 2018

L.L. Bean's credit card portfolio was purchased by Citi Retail Services, and they have now partnered with MasterCard to launch a new credit card, offering 4% on purchases made at L.L. Bean. But that is not all; With the L.L. Bean ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 50,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
For Excellent Credit
Earn unlimited 2X miles on every purchase. Plus, each year earn up to 25,000 loyalty bonus miles. That’s 75,000 miles each year if you spend $25,000 on purchases
For Good/Excellent Credit
See Rates & Fees
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!