Government ID, Smart Cards, Identification and Authentication

Visa to issue only chip cards in New Zealand

Thursday, March 25, 2010

Visa has announced that in four years all credit cards issued in New Zealand with a magnetic strip will be replaced by contactless chip cards and EMV, according to The Timaru Herald.

Visa made the announcement in light of a 20% increase in credit card fraud over the last few years, predominantly in Internet transactions.

According to The Timaru Herald, the introduction of chip cards in Britain in 2006 caused a 35% reduction in fraud losses.

As of now, about 80% of payment terminals accept chip cards, but all retailers are expected to upgrade their terminals by next July in preparation for the Rugby World Cup.

Read more here. [end] 

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