Visa Inc.said Wednesday that financial institutions have been issuing 5,000credit cards with embedded EMV chips perday since 2011 and there are 3.5 million of the cards being usednationwide.

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EMV chips are computer chips programmed in accord with astandard developed by EuroCard, MasterCard and Visa. The cardssharply reduce counterfeit card fraud by generating a unique codewith each transaction, rendering stolen payment information uselessat the point of sale.

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Credit unions have been among the first issuers of the cards,primarily to members who travel often overseas where the EMVstandard has become the norm.

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“We’re very pleased with the progress the U.S. has made over thepast two years,” the card brand said in a prepared statement aboutthe milestone. “With each new card, the U.S. payments ecosystemgets one step closer to achieving the improved security that EMVtechnology affords to consumers, merchants and issuers.

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Clifford Cook, chief marketing officer for U.S. Bank RetailPayment Solutions, said, “EMV is a secure and trusted technologythat is in use globally. We’re excited to offer chip technology toour cardholders, adding not only an additional layer of protectionto transactions, but extra convenience when traveling abroad.”

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Visa expressed optimism about the cards even though somefinancial institutions and retailers have doubted their profitablity and utility.

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