Wells Fargo tests microchip credit cards!
SAN FRANCISCO, Kalifornia - April 14, 2011 - Wells Fargo & Co., the U.S. bank with the most branches, is testing microchip-embedded credit cards with frequent travelers to address complaints of customers who have trouble using their cards abroad.
The pilot program announced today marks the first effort by a major U.S. bank to deploy Visa, Inc. credit cards with so-called EMV-chip technology, which has become a standard in Europe and much of the rest of the world, according to San Francisco-based Wells Fargo.
“It’s not an infrequent message from our customers of the acceptance challenges they have when they go overseas,” Eric Schindewolf, vice president of product development for Wells Fargo’s consumer credit-card unit, said yesterday in a phone interview. “We want to remain top-of-wallet, wherever our customers are.”
The lender is preparing to notify 15,000 customers it identified as frequent travelers, including college students and clients of its private bank, that they’ve been invited to participate in the pilot. The cardholders will receive the EMV cards in the middle of the year.
The U.S. is among the last developed nations whose payment system relies primarily on cards with magnetic stripes and hasn’t yet adopted EMV. Standards for the technology are managed by EMVCo, which was formed in 1999 by Europay International, Mastercard, Inc., based in Purchase, New York, and San Francisco-based Visa. American Express Co., the biggest U.S. credit-card issuer by purchases, is also an EMVCo member.
