Over 10 Years in Business Since 2001, Collective Point of Sale Solutions has been Canada’s Choice for payment processing services and secure point of sale solutions. We have served more than 11,000 businesses across Canada and processed more than $1 billion in debit and credit card transactions.
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Bank of America integrating EMV technology into some of its cards
July 31, 2012 - 6:18pm
EMV-enabled credit cards, which use a small chip instead of a magnetic strip to contain the information that is necessary for payment processing, are becoming notably prevalent around the world. The only major market that does not utilize EMV cards on any significant scale is the United States. However, Bank of America recently announced its release of EMV-compatible credit cards through its subsidiary MBNA Europe, which may be indicative of an expanding EMV presence.
The financial institution announced in a recent statement that the cards would be entirely contactless, and would be compatible with major credit card providers including Visa, MasterCard and American Express. They will be issued to millions of users throughout the United Kingdom during the remaining months of 2012.
Debra Davies, an employee of American Express Global Network services, spoke highly of the American Express-branded MBNA EMV cards. She stated that cardholders "will be able to enjoy the ease and convenience of contactless payments together with the [customized] benefits and services on their American Express-branded cards."
According to The Wall Street Journal, Bank of America plans to market the EMV-enabled cards toward high-end consumers who travel frequently to countries where EMV is predominant.
Mobile methods of payment processing have already pervaded nearly every expenditure in our daily lives, from our online shopping binges to our first cup of coffee in the morning. Now, mobile payments are entering an unexpected realm - video games.