JPMorgan Pushes Microchip Cards in Race With Wells Fargo

by Mercator Advisory Group 0

Just a couple of days after Wells Fargo announced its plan to introduce EMV cards in the U.S., another big U.S. bank, JP Morgan Chase, also comes forward with similar plans:

“Absolutely, we would beat Wells Fargo to market,” David Porter, general manager for Chase Card Services, said in an interview yesterday.

JPMorgan will first offer the card exclusively to affluent customers. Clients with a JPMorgan Palladium credit card, which has a $595 annual fee, will receive a chip card by June, the company said.

“Initially, we are targeting the technology to our highest-spend clients,” Porter said. “Months after that we will issue the card to Chase-branded products.”

Both issuers hope to get the first mover advantage in offering EMV cards to frequent international travelers in the U.S. In recent years, as more and more international markets (especially those in Europe) have moved to EMV, American travelers are reportedly encountering more difficulties in trying to use their U.S.-issued mag-stripe cards in stores while traveling overseas.

With Canada joining the growing list of EMV markets, the U.S. banking industry is feeling increasing pressure to provide solutions to some of their most valuable customers who frequently travel abroad.

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