EMV or chip cards have a small yet powerful embedded microprocessor that provides enhanced security and increased transaction speed and can also carry other applications that enhance the consumer's payment experience, such as merchant loyalty programs. Chip card technology can also expand the use of Visa payments to new acceptance environments such as mass transit, vending and parking.
Visa Smart Debit/Credit (VSDC) is Visa's chip-based solution that allows banks to combine the functionality of debit and credit products with the strategic flexibility of chip technology. Visa Smart Debit/Credit products provide a globally interoperable payment service with a suite of risk control enhancements available only through chip technology.
In Latin America and the Caribbean Visa has been working in Smart Card projects since 1994, accumulating vast experience and know-how in the technology and achieving the successful roll-out of multiple EMV programs throughout the region. Today 17 countries have active EMV production implementations, and a number of others are well under way in the migration path. Active countries are:
Consumers across the globe are embracing new features, such as authentication, electronic ticketing for transit and events, among other venues. This provides faster, easier, and more flexible access to everyday services. The memory capacity and processing power of chip technology enable a range of complementary applications to reside alongside payment. Visa and its client banks are working with transit authorities, health care providers, and other service organizations worldwide to enable value-added services applications in a VSDC chip.