As the payment industry begins to move toward replacing magnetic stripe cards with cards that use embedded smart chips, credit unions and other card issuers will have to eventually decide whether they will issue cards that use personal identification numbers or signatures to validate transactions.
The $24 billion State Employees’ Credit Union is not waiting around for the widespread of adoption of chip and pin cards.
After some 24 years at the helm of United Nations Federal Credit Union, President/CEO Michael J. Connery Jr. will retire effective Jan. 1, 2013.
Visa USA has reported that U.S. financial institutions have issued more than one million credit and debit cards that use information on embedded computer chips to validate transactions instead of magnetic stripe technology.
Card brand says strong interest among large issuers and small.
From New York to countries around the world, United Nations Federal Credit Union is steeped in a global pursuit to carry out its ongoing mission of charitable giving.
Despite the documented ability of smart chips to cut fraud losses, experts say some credit unions and CUSOs have not moved very quickly to start issuing credit and debit cards enabled with the higher tech chips.
Aite had it partly right. That's one way to interpret clarifications from MasterCard regarding its policies on EMV transactions and ATMs.
More big announcements on the EMV front, including a joint Citibank-American Airlines issue. Meanwhile, United Nations FCU adds users.
The nation's second largest credit union has become the second CU in the country to put computer chips into its credit or debit cards.