Scotiabank Expands Computer Chip-Enabled Card Products
Posted on: Tuesday, 6 November 2007, 03:00 CST
Scotiabank has announced the distribution of computer chip-enabled card products in order to participate in a Canadian payment industry trial of EMV chip technology in Kitchener-Waterloo.
A chip card is a credit or debit card containing an embedded computer chip, with the ability to store and process data. All chip cards used in the Kitchener-Waterloo trial will require personal identification numbers (PINs) for added security. EMV technology is named after the co-developers of the global chip card standard, Europay, MasterCard and VISA.
Scotiabank's participation in the Canadian payment industry's trial of EMV chip technology will involve the phased roll out of some 75,000 chip-and-PIN card products-both debit and credit-in Kitchener-Waterloo. A national launch is planned later in 2008.
Robin Hibberd, executive vice-president of personal lending and insurance at Scotiabank, said: "At Scotiabank, our first objective is to provide customers with the best value for the financial products and services we offer. Scotiabank is confident the new cards-with their proven ability to make an already secure payment system even more secure-will provide a solid backbone for our continued high levels of customer satisfaction and commitment."
Source: Datamonitor
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