Financial services company Wells Fargo has
chosen to pilot the Visa Smart Card – a card that includes both a
mag stripe and EMV technology – in a bid to widen its card
acceptance worldwide.
The pilot is the industry’s first chip
programme by a national bank and includes 15,000 Wells Fargo
consumer credit card customers who travel internationally.
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“US issuers and merchants rely primarily on
magnetic stripe technology,” said Eric Schindewolf, vice president
of product development for Wells Fargo Consumer Credit Card.
“However, many parts of the world have adopted
chip-enabled payment cards as a primary means of authentication,
which has been problematic for customers who travel abroad and were
unable to use their credit card.
“By combining traditional magnetic stripe
along with the EMV chip technology, we hope our customers will have
the convenience to use their credit card no matter where they are
in the world.”
Smart card technology company Giesecke &
Devrient provided EMV cards, personalisation and fulfilment
services and Visa was on hand to offer Wells Fargo technical and
product support in order to ensure the programme meets EMV
standards and enables both signature and PIN-based cardholder
verification.
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By GlobalData
