21 November 2017
visit www.response.ncr.com

Travelex US issues Chip and PIN foreign currency cash card

02 December 2010  |  10797 views  |  2 card chip

Travelex has introduced a pre-paid foreign currency Chip and PIN card denominated in euros and pound sterling for US travellers abroad.

The card provides technological compatibility with European ATM and merchant eftpos systems, an issue that has frustrated US travellers bound by US banks' reliance on mag-stripe technology.

Aite Group last year estimated that nearly 10 million Americans experienced problems using their credit cards abroad in 2008 alone, a majority of which changed their behaviour as a result.

The new Travelex card requires a Personal Identification Number (PIN) to complete chip-based transactions, and also includes a traditional magnetic stripe, for those merchants not yet using chip & PIN technology.

"There is a growing demand from the American traveler for technology compatible with what merchants are utilising abroad," says Jon Dario, president of Travelex Currency Services. "Much of the global market has already moved away from magnetic-stripe cards. Travelex's new chip & PIN cards offered in euro and British pound sterling will provide the same level of technical compatibility for US travelers that many other international travelers currently enjoy."

In February, French smart card manufacturer Gemalto unveiled a dual interface EMV chip payments card for US banks to issue to customers travelling abroad.

Comments: (2)

A Finextra member
A Finextra member | 02 December, 2010, 16:55

I imagine this will be very welcome news to US travellers. In a recent poll we ran at the BAI RDS event in the US, 57% of respondents, who were primarily from North American financial institutions, admitted problems resulting from cardholders experiencing difficulties using their cards overseas. EMV can be a big help to overcoming these issues as it is the common standard in so many countries.

EMV has got such a wide adoption around the world that I think we will start to see more and more stories of this type, to help fill a significant gap in the offerings of many US financial institutions.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Keith Richbell
Keith Richbell - eftpos Payments Australia Ltd. (ePAL) - Sydney | 02 December, 2010, 20:43

Hats off to Travelex who have managed to produce a product ahead of all the US banks. They must be pretty pleased with themselves. I do appreciate the irony, you know, EMV being developed by Visa and MasterCard - two American corporations - and EMV not yet adopted by the American banks. US citizens must feel like economic migrants when they travel to Europe.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

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

Related stories

Wal-Mart executive calls for US move to Chip and PIN

Wal-Mart executive calls for US move to Chip and PIN

25 May 2010  |  18889 views  |  3 comments
Visa to phase out signature cards in New Zealand by 2012

Visa to phase out signature cards in New Zealand by 2012

24 March 2010  |  9383 views  |  0 comments
Gemalto unveils EMV card for US travellers

Gemalto unveils EMV card for US travellers

12 February 2010  |  10669 views  |  1 comments
ATM card capture crime soars in EU; pressure grown on US to move to EMV

ATM card capture crime soars in EU; pressure grown on US to move to EMV

21 October 2009  |  11207 views  |  0 comments
Visa steps up Australia chip and PIN migration

Visa steps up Australia chip and PIN migration

11 December 2008  |  9186 views  |  0 comments
Canada begins Chip and PIN roll out

Canada begins Chip and PIN roll out

28 October 2008  |  10810 views  |  0 comments
Nigerian banks begin migration to chip and PIN technology

Nigerian banks begin migration to chip and PIN technology

15 October 2007  |  7174 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.aciworldwide.comvisit https://www.niceactimize.com

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
19362 views comments | 29 tweets | 31 linkedin
Singapore central bank open sources blockchain prototypesSingapore central bank open sources blockc...
13119 views comments | 16 tweets | 29 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
11622 views comments | 15 tweets | 42 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
9441 views comments | 26 tweets | 38 linkedin
Barclays warns of unprecedented online fraud this ChristmasBarclays warns of unprecedented online fra...
9098 views comments | 15 tweets | 32 linkedin

Featured job

Find your next job