Fiserv is planning to offer personalizing chip payment cards based on the Europay MasterCard Visa (EMV) standard.
The company said that its new EMV card will feature a micro-processing chip that will store cardholder data securely, helping reduce the number of fraudulent transactions resulting from counterfeit, lost and stolen cards.
The EMV chip will require the merchant terminal to provide a PIN before it will allow the card data to be read and once the PIN is entered and verified, the smart card chip authorizes payment, added the firm.
Fiserv president of Output Solutions Jorge Diaz said as that the US payments industry looks for ways to minimize card-related fraud loss and comply with new data security standards, EMV provides a next-generation alternative to magnetic stripe bank cards.
“Increasingly, US travelers abroad find that their magnetic stripe bank cards are rejected. This leads to embarrassing and compromising situations that can now be avoided with EMV chip cards. Along with greater convenience and merchant acceptance, cardholders may also benefit from reduced card fraud. In 2012, Fiserv will also implement solutions to process EMV transactions,” Diaz added.
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