EMV Card Debuts at State Department FCU
The $1.4 billion State Department Federal Credit Union in Alexandria, Va., is now offering its 67,500 members a Visa-branded EMV credit card.
EMV stands for Europay, MasterCard and Visa and incorporates the chip-and-pin security technology widely required overseas.
“We are always listening and trying to improve the lives of our Foreign Service and overseas members,” said Marlene Schwartz, SDFCU’s board chairman. “This new card will enable them to transact in a more convenient and secure manner.”
She noted the credit union also had waived foreign transaction fees on its credit cards. SDFCU members go through the regular credit card application process to obtain the new EMV cards.
The embedded chip stores information required to authenticate and process transactions, adding to the security of the traditional magnetic strip. They are widely used globally and adoption has begun in the United States.