Bank of America Merrill Lynch (BAML) is to expand chip and PIN technology to all its purchasing and travel credit cards in the United States.
The EMV technology allows card holders to make payments through chip-enabled merchant terminals that are regularly used in countries outside the US .
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Every chip card transaction is uniquely encrypted, adding protection against counterfeit fraud.
Kevin Phalen, head of BAML’s Card and Comprehensive Payables team, said: "More of our clients are asking for chip and PIN capability – not just for their key executives but for their entire employee base and we have directed significant investments into our card platform to meet that demand".
BAML started to introduce chip and PIN technology on corporate travel and expense credit cards in Europe in 2010 and in the United States in 2012.
The bank began issuing chip-enabled purchasing cards in 2013. Up to now more than 100,000 chip and PIN cards have been issued to clients in the United States .
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By GlobalDataBAML predicts this number will grow as all newly issued credit cards for middle-market and large corporate clients will feature EMV technology.
"As our clients’ employees travel abroad, they are increasingly finding chip technology to be critical to a smooth experience," said Dub Newman, head of North America global transaction services for BAML.
"While EMV technology is widely adopted across Europe and other regions, it has only recently received traction in the United States . We anticipate the demand for EMV will continue to grow in the US ."
BAML provides credit cards for middle-market, large corporate and public sector clients.
The bank offers its products to 140,000 companies in 150 countries.
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