Bank of America announced today the roll out of its new EMV chip-enabled credit cards for consumers. With most countries outside of the U.S. already using EMV technology, the new chip-equipped cards will increase card security and acceptance for Bank of America customers traveling overseas, the bank said in a statement.
"The new chip-enabled credit cards will improve convenience and security of customers' transactions when traveling abroad," Bank of America's Consumer and Small Business Products Executive Susan Faulkner said in the statement.
Cards with EMV technology have an embedded microprocessor chip that encrypts and stores account data. The bank will include the technology in cards targeted specifically for customers who have been identified as international travelers. Other customers will also be able to request one of the new cards as well. The cards will still include traditional magnetic strip technology that still predominates here in the U.S., although more banks and card issuers are switching to EMV. Consumers will still be prompted to sign for payments as before.
The bank began introducing EMV credit cards to corporate and commercial clients earlier this year.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio