What is EMV?
Chip cards are based on a global card payment standard called EMV, currently used in more than 80 countries. There are more than 3.4 billion chip cards issued across the globe. EMV stands for Europay, Mastercard, and Visa (the three companies which originally created the standard)
The benefits of chip cards are:
- Reduced fraud from counterfeit, lost, or stolen cards
- Chip cards provide a better experience for international travelers with worldwide interoperability
- EMV will pave the way for mobile payments and other mobile applications
What is Carolina Federal Credit Union doing in regards to chip cards?
We are in the process of testing chip cards for our credit card program as we speak. We expect to start issuing chip cards for our Visa credit cards sometime before the end of 2015. Our next step will be to implement chip cards in our MasterCard debit program. We expect to start issuing debit cards with chips in early 2016. We will do a natural reissue with our credit and debit program. What this means is that you won’t receive a chip card until your current card expires. If you are traveling out of country or wish to have a chip card sooner you may contact a member service rep for that request when they become available. If you have any further questions please give us a call or use some of the resources we have listed below.