Wells Fargo & Company (NYSE:WFC) is piloting the Visa Smart Card, which includes the traditional magnetic stripe along with EMV chip technology, helping increase card acceptance worldwide. The pilot is the industry’s first chip program by a national bank and includes 15,000 Wells Fargo consumer credit card customers who travel internationally.
EMV is the global industry standard for chip payment technology. EMV chip-based payment cards contain an embedded microprocessor, which is a type of small computer. The microprocessor chip contains the information needed to use the card for payment, and is protected by various security features. Customers do not see much difference when using an EMV chip.
“U.S. issuers and merchants rely primarily on magnetic stripe technology,” said Eric Schindewolf, vice president of product development for Wells Fargo Consumer Credit Card . “However, many parts of the world have adopted chip-enabled payment cards as a primary means of authentication, which has been problematic for customers who travel abroad and were unable to use their credit card. By combining traditional magnetic stripe along with the EMV chip technology, we hope our customers will have the convenience to use their credit card no matter where they are in the world.”
“Visa is very pleased to support Wells Fargo in its effort to bring EMV chip-enabled cards to its international traveling customers,” said Stephanie Ericksen, head of chip product integration, Visa Inc. “Wells Fargo’s implementation provides cardholders an enhanced experience in international countries using EMV chip.”“Giesecke & Devrient (G&D) is pleased to support Visa and Wells Fargo in this pioneering project with the expertise we have gained in multiple EMV implementations across the globe," said Scott Marquardt, President of G&D’s U.S. subsidiary. The EMV cards, personalization and fulfillment services were provided by Giesecke & Devrient (G&D), a worldwide leader in smart card technology offering full service, quick turn EMV solutions. Visa provided Wells Fargo technical and product support to ensure the program meets EMV standards and enables both signature and PIN-based cardholder verification for greater cardholder flexibility.