Visa Sets Date for New Credit Card Technology - Other 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 » Other » Visa Sets Date for New Credit Card Technology

Visa Sets Date for New Credit Card Technology

Visa Sets Date for New Credit Card Technology
The content is accurate at the time of publication and is subject to change.

Visa is embracing the future of credit card payments, known as EMV or “Chip and PIN” technology, and making things official by setting a date (April 2013) by which it “would require its acquirer processors and sub-processors to support merchant acceptance of chip transactions including the cryptographic message that makes each transaction unique,” according to pcmag.com.

In their determination to move on from the old, familiar magnetic stripe credit card of the past, Visa also reiterated their support for near-field communication (NFC) technology: one of the four primary models used to make a consumer’s mobile device into a virtual wallet that can also be used to make payments. NFC allows simple exchanges of data and transactions to occur at a touch.

“By encouraging investments in EMV contact and contactless chip technology, we will speed up the adoption of mobile payments as well as improve international interoperability and security,” global head of product for Visa Inc. Jim McCarthy said in a press release, according to selfserviceworld.com. “As NFC mobile payments and other chip-based emerging technologies are poised to take off in the coming years, we are taking steps today to create a commercial framework that will support growth opportunities and create value for all.”

Visa also stated in the press release that implementing chip technology will make electronic payments more secure for both consumers and merchants alike by “introducing dynamic authentication values for each transaction,” reports pcmag.com. These “dynamic authentication values” will make it impossible for thieves to use counterfeit cards, at the point of sale.

“Dynamic authentication is the key to securing payments into the future,” said Ellen Richey, Visa’s chief enterprise risk officer, in the statement, reveals selfserviceworld.com. “Adding dynamic elements to transactions makes account data less attractive to steal and takes more merchant systems out of harm’s way, shrinking the battlefield against criminals.”

However, the possibility of thieves using a fraudulent card may not be the main security issue with EMV cards.

In any case, because of Visa’s push and the April 2013 deadline, big changes are on the way for credit cards, all over the board.

“The way we buy things and pay for things is about to go through a fundamental transformation,” said Jeff Kagan, a technology analyst to pcmag.com. “First it was cash to credit cards. Now, it’s credit cards to the mobile wallet on your cell phone.”

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:

Bonus Upgrade: Now Get 65,000 Miles with the United Explorer Credit Card

Posted: November 21, 2018

United Airlines just upgraded the signup bonus for their United Explorer credit card. It is now a tiered bonus, letting new cardholders earn up to 65,000 miles after meeting the required spends. According to United this new bonus is in ... Continue reading
Virtual Credit Cards for Businesses by American Express Go

Posted: November 20, 2018

American Express is launching American Express Go, a platform offering mid and large-sized businesses virtual credit cards. These cards were specifically designed to be used on the go by temporary workers, and recruits, as well as ... Continue reading
Southwest Airlines Credit Cards Now Offer up to 60,000 Bonus Points

Posted: November 19, 2018

Consumers who have been eyeing any of the Southwest Airlines credit cards may want to take a closer look because the carrier has increased the sign-up bonus for all three of their co-branded consumer credit cards. As of now, new ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
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!