Wells Fargo Testing EMV Chip Technology For Credit Cards
Wells Fargo is piloting the Visa Smart Card, which includes the traditional magnetic stripe along with EMV chip technology, helping increase card acceptance worldwide. The pilot is the industrys first chip program by a national bank and includes 15,000 Wells Fargo consumer credit card customers who travel internationally. EMV is the global industry standard for chip payment technology. EMV chip-based payment cards contain an embedded microprocessor, which is a type of small computer. The microprocessor chip contains the information needed to use the card for payment, and is protected by various security features. Customers do not see much difference when using an EMV chip.
The EMV cards, personalization and fulfillment services were provided by Giesecke & Devrient (G&D), a worldwide leader in smart card technology offering full service, quick turn EMV solutions. Visa provided Wells Fargo technical and product support to ensure the program meets EMV standards and enables both signature and PIN-based cardholder verification for greater cardholder flexibility. With this program, cardholders are protected against liability for any unauthorized transactions made at merchants, over the phone, on the Internet, or at the ATM.
Comments are closed.