09 February 2016

BofA begins roll out of chip cards to American consumers

24 July 2012  |  5871 views  |  0 card chip

Bank of America has begun rolling out EMV chip credit cards to consumers, citing the increased acceptance and security offered by the technology for international travellers.

Having begun issuing chip cards to corporate and commercial customers in the US earlier this year, the bank is now widening the programme out to consumers.

All newly issued Merrill Lynch, US Trust Accolades, BankAmericard Travel Rewards, BankAmericard Privileges, and Virgin Atlantic travel credit cards will include EMV as well as mag-stripes. Customers with other cards will also be able to get chips upon request.

Susan Faulkner, executive, consumer and small business products, says: "The new chip-enabled cards will improve convenience and security of customers' transactions when traveling abroad. We want our customers to have the best possible experience while making purchases with their credit cards anywhere in the world."

With the US increasingly isolated in a world with more than one billion EMV cards, Citi and Wells Fargo have also both made moves to offer frequent travellers chip options.

Chip cards will soon be widely accepted at home as well thanks to decisions by Visa, MasterCard, American Express and Discover to set out a timetable for requiring US processors to be able to support merchant acceptance of the technology by April 2013 before switching liability to retailers that have not upgraded in October 2015.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

02 July, 2012
27 June, 2012
15 March, 2012
31 January, 2012
17 January, 2012
08 November, 2011
19 July, 2011
13 April, 2011

Related company news


Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
11896 views comments | 51 tweets | 45 linkedin
Digital transformation driving earnings at...
10632 views comments | 49 tweets | 43 linkedin
Visa opens up to developers
8703 views comments | 24 tweets | 41 linkedin
European mobile banking service Pocopay go...
7351 views comments | 24 tweets | 14 linkedin
It may take ten years, but blockchain tech...
7233 views comments | 22 tweets | 19 linkedin

Featured job

Brussels (Belgium) or Paris (France)

Find your next job