Debit cards have been revolutionizing the way we pay for goods, services and more since their invention. Most debit cards are outfitted with chip technology, one of the most secure methods for verifying payment and protecting users from unfortunate fraud or theft incidents. With chip technology debit cards, it’s simple to quickly swipe or insert your card when checking out, freeing you up from having to carry around lots of cash.
Plus, chip technology makes it easy to get a record of where purchases were made for better financial tracking and management. From today’s sophisticated chip-enabled debit cards to the convenience of instantly withdrawing or transferring funds online or even in person from ATMs world wide; debit is truly an exceptional way to stay safe and secure when making payments.
Chase Bank has begun to issue debit cards with chip technology in Illinois which will be followed by a full national rollout. Chase now joins Bank of America and BMO Harris, two other large US financial institutions who have determined their debit EMV issuance strategies.
“Chase, which holds almost 25 percent of deposits in the Chicago area, said its rollout here will be followed nationally.
Other banks are slowly introducing chip cards. BMO Harris Bank, which holds 12 percent of deposits in the Chicago area, said it recently began issuing chip debit cards. Any new or replacement debit cards include chips, spokesman Patrick O’Herlihy said.
Bank of America, Chicago’s third-biggest bank by deposits, started adding the chips to its credit cards in 2012 and to consumer and small-business debit cards in October 2014. The chip cards are included on new accounts and to existing accounts when cards need to be replaced.”
Although this article, written for the general public, does not reveal how compliance with the Durbin Amendment is achieved, it certainly signals that banks are finding a solution they are willing to stand by and the EMV debit issuance has begun in earnest.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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