30 October 2014

BofA Merrill Lynch offers American travellers EMV

08 November 2011  |  5517 views  |  0 credit card chip

Bank of America Merrill Lynch has become the latest US issuer to introduce chip and PIN corporate cards for international travellers.

The move is the direct result of customer demand, says the bank, improving acceptance and security for cardholders. EMV technology was introduced for corporate clients in Europe last year.

Kevin Phalen, head, commercial cards and comprehensive payables, BofA Merrill, says: "Corporate travel cards help clients manage the complexity that comes with a growing volume of employees who travel abroad. We are very pleased to now offer our US clients an improved solution that advances their convenience and security."

Citi committed to chip and PIN for customers travelling abroad over the summer and Wells Fargo began testing a Visa Smart Card in April with 15,000 customers who travel internationally.

By last October there were around one billion EMV cards active around the world, with the US the one major player to resist the expensive migration to the standard from mag-stripe cards.

However, the clamour for America to take up chip and PIN has been growing over the last year, with retailers and bankers voicing concern over the fraud risks associated with mag-strip technology.

In August the movement received its biggest push when Visa backed the switch in order to accelerate the adoption of contactless mobile payments, setting out a three-step plan to encourage dynamic chip authentication adoption.

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