Bank of America has started rolling out chip technology on many of its consumer credit cards to increase acceptance and security of the cards for international travelers.
Credit cards with chip technology, which is also known as EMV (EuroPayMastercard Visa), are embedded with a microprocessor chip that encrypts and stores the account information.
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The cards also include the traditional magnetic stripe, which is used by US merchants, the bank said in a statement.
Bank of America’s consumer and small business products executive, Susan Faulkner, said, "The new chip-enabled cards will improve convenience and security of customers’ transactions when traveling abroad."
"We want our customers to have the best possible experience while making purchases with their credit cards anywhere in the world."
The lender confirmed that the chip technology will be used in all newly issued Merrill Lynch credit cards, US Trust Accolades, BankAmericard Travel Rewards, BankAmericard Privileges, and Virgin Atlantic travel credit cards.
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By GlobalData
