Just in time to travel to the London 2012 Olympic Games, my new Visa EMV chip corporate credit card arrived in the mail. This type of card was new to me, so I put it to the test in London, where this technology is more commonplace. One place I tested it out was Upper Playground, a cool store in London’s Soho neighborhood that features the work of local artists.
Making purchases was quick and simple. The main difference was that instead of swiping my card, I inserted it in the terminal. Then I simply signed for my purchase, just as I normally would in the U.S.
Other American travelers at the Olympics this year are likely to have been carrying their new chip cards with them, too. That’s because last year, Visa announced plans to accelerate the migration to chip technology in the U.S. Since that time, U.S. financial institutions have reported issuing an estimated 1.5 million chip cards as of June 30, 2012, and we are continuing to see positive momentum as the industry moves toward more broad-based adoption of this technology.
Why is chip coming to the U.S. now? EMV contact and contactless technology will help lay the foundation for NFC-based mobile payments, which we expect to take-off in the coming years. Chip also provides an added layer of security to transactions and enhanced acceptance for Americans traveling abroad.
Being at the center of innovation is nothing new for Visa. Bringing chip to the U.S. is another way that we are paving the way forward.
Posted by: Lucas Mast, Visa Corporate Relations on August 13, 2012 at 11:45 am