Visa gets physical with first smart-chip payment transaction

Visa gets physical with first smart-chip payment transaction

The first US credit card payment via smart chip technology has been generated in the physical world with the Providian Smart Visa card.

The Providian Smart Visa stores extensive personal information that can be customised and controlled by the cardholder.

Previously, the card's magnetic stripe was needed for point-of-sale (POS) transactions in the physical world. With this development, bricks and mortar retailers can receive payment from customers using the chip-based technology embedded in each Providian Smart Visa card.

Consumers will have the option to conduct transactions using the chip-embedded smart card or by using the magnetic stripe.

NPC says it will begin accepting chip-read payment transactions in NPC's employee cafeteria in Kentucky.

The transaction was carried out at the Kentucky headquarters of the National Processing Company (NPC), a provider of merchant credit card processing.

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