Chase Develops EMV Chip for Visa Card to Enhance Security

In April, Chase Card Services publicized its groundbreaking EMV chip, a new technological device that will improve security for international travelers. Separating itself from other competitors, JPMorgan Chase became the first major U.S. bank to use the EMV technology on its Palladium credit card.

As of today, the EMV chip technology is available on a second card, the J.P. Morgan Select Visa Signature card. With these cards, consumers will be provided greater usage and security while overseas.
General Manager of Chase Card Services, David Porter, explains that, “Offering EMV chip technology on the J.P. Morgan Select credit card is an expansion of our ongoing commitment to offer the highest level of security and convenience when traveling abroad.” With this new technology, travelers can count on their credit and debit cards working properly and securely at the register.

EMV helps protect users against fraud by using an encrypted chip rather than a magnetic strip. The processing time for EMV enabled cards is much faster and will ensure increased protection during international transactions.

Technology experts say that the chip is exponentially more difficult to copy because of its superior processing and storing capabilities. Instead of signing a paper receipt, card users will have to enter a PIN number to confirm their identity. The J.P. Morgan Select credit card features both an EMV chip and a magnetic strip to benefit card users in the United States.

J.P. Morgan Select credit card users should also expect smoother transactions, enhanced security, no foreign exchange fees, and access to a multitude of rewards and benefits. This card is usable anywhere in the U.S. that accepts cards with a magnetic strip and over 130 countries. According to EMVCo., the developer of the technology, 89 percent of Western European merchants are able to read chip-encrypted cards.

In response to this new development by JPMorgan Chase, U.S. Bank has introduced its first dual interface card. Consumers can expect to see the new U.S. Bank card by the end of June.

“U.S. Bank is pleased to be the first issuer in the United States to provide dual interface EMV cards that can be conveniently used anywhere – whether it be a chip-card reader with a merchant overseas or a contactless payment terminal or magnetic stripe reader here in the United States,” said Cliff Cook, chief marketing officer for U.S. Bank Retail Payment

Solutions in a company press release dated June 10. “While we believe EMV is important for our international travel cardholders, we are committed to driving contactless mobile payments in the United States.”

The new Chase card requires users to pay a $95 annual fee but has a reward structure of two points for every $1 spent on travel, and one point for all other purchases.

Article published by Trees Full Of Money