EMV Chip Cards: Trickle That Will Become a Flood
Have you had this experience? One of your members, fresh from the airport, angrily explains that your credit union’s card is useless in Europe. A growing number of credit unions are hearing it. Those of you with a large number of members living or traveling abroad may already be doing something about it. A handful of institutions are already getting onboard and issuing chip cards.
I believe the U.S. switch to EMV (Europay, MasterCard, Visa) smart cards is inevitable. The only question is how quickly it will happen and at what point it will become cost-effective for you to join the trend. As mentioned, the first trickle in the flood is the members who travel or live abroad. Admittedly, this is a small percentage of all credit union card users, but I’m guessing that members who travel internationally for business are not ones you want to ignore.