U.S. financial institutions have reported issuing an estimated one million Visa-branded, EMV chip-enabled cards as of Dec. 31, 2011, demonstrating significant progress toward implementing Visa's U.S. chip roadmap, Visa Inc. announced in a press release.
"Since announcing our roadmap last year, we have seen strong interest among U.S. issuers large and small to invest in chip technology, as today's milestone shows,” said Stephanie Ericksen, head of authentication product integration for Visa Inc. “The progress is all the more significant considering that just 18 months ago, there were no Visa-branded EMV EMV contact chip cards issued in the U.S."
To encourage continued issuer adoption of chip payment technology, Visa is introducing Visa Chip Services, a suite of new and existing solutions to help issuers adopt the latest payment technologies efficiently and with minimal infrastructure investment. Services include:
- Visa Chip Authenticate — Visa validates the EMV cryptogram on behalf of the issuer, minimizing the need for issuers to make authentication-related host system changes to verify chip transaction data. Issuers can choose to use it as a long term or interim solution;
- Visa iCVV Convert — reduces chip data-related issuer and processor host system changes by converting the chip-based ICC Card Verification Value to the magnetic stripe-based Card Verification Value and removing the chip data prior to sending the transaction to the issuer for review and response;
- Visa Streamlined Chip Setup — accelerates issuers' time to market through a turnkey setup and testing service for issuers that need a streamlined online-only EMV compliant solution; and
- Visa Custom Chip Setup — provides issuers requiring online and offline PIN capability with customized guidance on key implementation decisions to develop an optimal chip issuance program.
For more information on this topic, visit our EMV research center.
