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CU first in U.S. to plan Europe-style smart card
NEW YORK (5/20/10)--United Nations FCU in New York City is the first U.S. financial institution to announce plans to issue credit cards that comply with the Europay MasterCard Visa (EMV) smart card standard. The $3.09 billion-asset credit union’s new Platinum Visa EMV cards will be issued to roughly 5,000 of its high-value members and can be used anywhere EMV cards are accepted (Bloomberg Businessweek May 19). Cards based on the EMV standard use an embedded microprocessor instead of a magnetic strip to store cardholder data and information necessary to use the card for a transaction. Many financial institutions that issue the EMV chip card also require cardholders to enter a personal identification number as an extra security measure when they use the card, Bloomberg said. Although credit cards that use smartcard technology have been prevalent worldwide for several years, that is not the case in the U.S., where financial institutions have continued using cards based on less secure magnetic strip technology, Bloomberg said.
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