27 Sep

Payment Industry Updates

EMV Chip CardThe news and social media have been highlighting the upcoming change in the payment industry and EMV enabled cards. So we wanted to provide some information to our members about our role in this exciting change.

What is an EMV card?

EMV stands for Europay, MasterCard and Visa.

An EMV or “chip” enabled card is the same size as your current debit or credit card but is embedded with a unique data chip.

What are the benefits of an EMV card?

Added security: The chip adds another layer of security to cards when used at a chip card reader. During the transaction the chip produces a single-use code to validate the transaction that cannot be compromised to create other transactions.

Wider acceptance: Europe, Canada, Asia and South America have already embraced chip technology. So your card will be easier to use while traveling outside of the U.S.

When will I receive my new EMV card?

RMLEFCU is currently in the lengthy process to convert our cards to this new technology. We are hopeful that we will be able to finish the completion of this project by the end of 2016. When completed you will receive a new card when your old card is up for renewal or when requested by you.

We will be keeping all of our members posted on any new updates and sending out more user FAQ’s when the conversion is complete.

 

 

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