Is U.S. Ready for Chip & PIN?
Tracy Kitten at Bank Info Security reports EMV chip cards are here, but notes the debate is about security vs. cost. She asks, “Is the U.S. ready for chip and PIN payment card authentication? Or are American financial institutions and merchants too invested in current technologies to even consider such a move?” She contends the chip and PIN debate has been re-ignited by two recent announcements:
- United Nations Federal Credit Union (UNFCU), a $3.1 billion New York-based institution, is going to start issuing chip and PIN Visa-branded credit cards to its globe-trotting Platinum portfolio members who currently have trouble using U.S.-issued cards overseas.
- Wal-Mart, the big box retailer, essentially drew a line in the sand at a recent industry event, where a spokesperson challenged the U.S. to migrate from its current magnetic-stripe cards, saying “It’s time for Chip-and-PIN in the U.S.”
