Magazine article American Banker

USB Joins Roster of U.S. Banks to Issue EMV Cards

Magazine article American Banker

USB Joins Roster of U.S. Banks to Issue EMV Cards

Article excerpt

Byline: Andrew Johnson

U.S. Bancorp this month plans to begin issuing EMV chip credit cards that also include a tap-and-go payment function.

The Minneapolis company said Friday that it is working with Oberthur Technologies SA of France, which is manufacturing the cards, and Visa Inc. to issue the cards to 20,000 domestic customers who are frequent international travelers.

U.S. Bancorp is among several U.S. banks that have recently said they were using the EMV Integrated Circuit Card Specifications, which are standard in foreign countries but have not gained traction in the United States.

EMV cards are considered more secure because they store payment information inside computer chips, making them harder to hack than cards with a magnetic stripe.

JPMorgan Chase & Co., Wells Fargo & Co. and SVB Financial Group's Silicon Valley Bank have announced plans in recent months to issue EMV cards.

U.S. Bancorp, however, said that it is the first to include in its cards "contactless" technology that allows a customer to pay for a purchase by waving the card near a special merchant terminal.

"We definitely think it's a better solution for our customers," said Cliff Cook, the chief marketing officer for U.S. Bancorp's Retail Payment Solutions business. "It's one card for consumers whether they're traveling in Minnesota or in Madrid." The company is already beginning to mail the cards to customers, Cook said.

U. …

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