|Than one million Visa chip cards in Central and Eastern|
|Monday, 07 December 2009 00:00|
Financial institutions in Central and Eastern Europe have reached an important threshold in the road to adoption of chip cards - banks in Slovakia, Poland, Estonia, Hungary, Kazakstan, Latvia, Lithuania, Russia and Czech Republic together delivering over one million Visa chip cards and Visa Electron.
Central banks have the necessary equipment to compete with European Union countries. Visa chip technology means safer, faster transactions and additional facilities
Going beyond Visa’s leadership demonstrates the implementation of chip technology and is proof that its member banks make most secure and advanced payment instruments to their clients.
“The introduction of chip technology is a key priority for Visa in Romania and is already in the agenda of our member banks,” said Radu Obreja, Vice President Visa International CEMEA. “The migration to chip is a very important step for our country. Thus, consumers, merchants and financial institutions will benefit from more reliability, security and flexibility of the EMV global standard smart Visa ensuring global interoperability for card holders . Adoption of the chip will not only bring more security and success for the Romanian banks, but will protect against fraud migrants and build the foundations of new opportunities for multi-purpose cards, “added Obreja.
Since January 1, 2006, member banks of Visa CEMEA not migrate to chip-based technology will be ready to assume responsibility for all fraudulent transactions that could be prevented by placing the chip. As banks in the European Union reached stages of increasingly advanced in the migration, we can assume that fraud will target the most vulnerable markets, so it is vital that banks CEMEA to progress in their migration plans as soon as possible, Obreja said.
Together with financial institutions and technology partners, Visa International has created a number of major initiatives on its Visa Smart Breakthrough program, both in CEE and the world to support its member banks in adopting the chip and to accelerate the migration. To date, a range of Visa chip cards are available at low prices, ranging from the initial level of payment card with a single application on the card multiaplicaţii based on the overall Java platform.
Banks can now enjoy in-house customization programs through joint initiatives undertaken by Visa and Datacard or UbiQ.
One of the key arguments for the introduction of chip cards is the security they provide to banks, cardholders and merchants. At point of sale, chip cards are placed in the terminal, instead of being passed through the terminal as the magnetic tape. Chip that contains cardholder data is very difficult to copy, which means that this card offers superior protection against fraud. Many European countries introduced and PINs instead of signatures to confirm the identity of the card owner.
In addition, chip technology facilitates faster transactions. The terminals contact the issuing banks or other companies to allow payments to traditional magnetic stripe cards. A chip card may allow himself a transaction, confirming the owner’s PIN through SOP’s. This saves time cardholder - while the number of these transactions faster, authorized by the card, will increase.
Card holders and banks may benefit from multifunctionality chip cards. Banks can use a single card to provide such a range of banking and payments - each of which can be tailored to individual needs of consumers. Possible applications include loyalty programs, identification information, access control and insurance policies. Each application can be managed and changed - new applications can be added to the chip, even after card issuance. Moreover, banks can work with partners such as retailers, telecommunications and transport companies to provide various applications on the card.
The member banks of Visa CEMEA region have issued over 1.5 million chip cards. Internationally, Visa estimates that its member banks will issue 115 million chip cards by the end of this year, bringing safety and speed of a greater number of consumers around the world.
Visa is the largest payment card brand. Visa generates an annual volume of transactions of about 2700 billion U.S. dollars and are supported in a single large network in over 150 countries. Visa plays a role in the development of payment products and technologies for the benefit of more than 21,000 financial organizations States and benefit cardholders. Visa is a leader in Internet payments and is a pioneer in the creation of u-commerce (universal commerce), business transactions can take place anywhere, anytime, through any type of instrument.