Visa Unveils Smart Card - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Visa Unveils Smart Card

Visa unveils a smart card that will cost issuing banks just 99 cents.

Visa International, the global arm of the credit-card company, Wednesday unveiled a smart card for the international market that will cost issuing banks just 99 cents, rather than the $3 to $5 the cards have typically cost in the past.

The result of collaboration with IBM and STMicroelectronics, the new smart card is part of a major Visa initiative to halt the growing cost of credit-card fraud by encouraging the use of smart cards that require a personal identification number for authentication. Visa International notes that fraud rates are less than a tenth of 1% of all sales--but still, with $2 trillion in annual charges, that means a total tab of $2 billion for Visa alone. And the figure is higher still for Internet sales, where there's no physical card with which to compare a customer's signature. Some studies have put the fraud rate for Internet sales at six or seven times the rate of card-present transactions.

Smart cards have been slow to catch on in the United States, and chip-based Visa cards are issued by only three banks: First USA, FleetBoston Financial, and Providian Financial. But Visa clearly is intent on driving the number up this year. It's partnering with retailer Target Corp. on a mammoth project revealed in June to launch a co-branded Visa chip card and a national rollout of cash registers to accept them.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
Slideshows
Top-Paying U.S. Cities for Data Scientists and Data Analysts
Cynthia Harvey, Freelance Journalist, InformationWeek,  11/5/2019
Slideshows
10 Strategic Technology Trends for 2020
Jessica Davis, Senior Editor, Enterprise Apps,  11/1/2019
Commentary
Is the Computer Science Degree Dead?
Guest Commentary, Guest Commentary,  11/6/2019
Register for InformationWeek Newsletters
Video
Current Issue
Getting Started With Emerging Technologies
Looking to help your enterprise IT team ease the stress of putting new/emerging technologies such as AI, machine learning and IoT to work for their organizations? There are a few ways to get off on the right foot. In this report we share some expert advice on how to approach some of these seemingly daunting tech challenges.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll