EMV Adoption Charge Is Led by Credit Unions
As credit unions learn more about new technology, they are some of the institutions leading the nation in the issuance of payment cards that use embedded computer chips to validate identity and secure transactions.
The chip technology, dubbed EMV technology for the Eurocard, MasterCard and Visa data technology standard, has been available in other countries for some time but only recently gained support from the major card brands for introduction into the United States.
Phelps reported that SECU decided to reissue the more than one million cards to its members to both enable them to travel more easily and to take advantage of additional fraud protections the cards provide.
Member reaction to the cards has been very favorable, Phelps said. SECU included a special jacket for the new cards in the distribution that explained what EMV does, roughly how it works and what it protects.