Visa Chip Card

Visa has launched in European region the Chip Card due to increase in levels of fraud. This chip card investment will reduce fraud losses recorded with magnetic stripe cards. The initiative is designed to accelerate a process already underway in the European region.

Euro pay MasterCard Visa is the global standard allowing all debit and credit chip cards to be used in stores, outlets and ATMs anywhere in the world. The elimination of fraud is a major driver in Visa's EMV strategy.

The money will be invested in five key components. The first consists of incentives to members who issue EMV-compliant Visa and Visa Electron programs. Secondly, Visa will give dedicated vendor and lab support, increasing the range, quality and time to market of EMV-compliant products and equipment. Third, Visa will give financial and technical assistance to leading suppliers of processing components within the EPOS (electronic point of sale) marketplace. The fourth component involves terminal placement initiatives in large, high-profile retailers. Lastly, there will be a target merchant migration program to subsidize the installation of EMV devices at higher risk locations across the region.