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Visa reaches milestone

February 7, 2012

The leading credit card company in the world recently announced that it had reached a major milestone when it came to the number of chip-enabled credit cards.

The leading credit card company in the world recently announced that it had reached a major milestone when it came to the number of chip-enabled credit cards.

Visa said in a statement that more than one million EMV chip-enabled cards were in use as of December 31, 2011. The progress was made after the company came out with a plan in August, which sought to increase the adoption rate  

“Migrating the U.S. market to chip will help build an infrastructure for accepting NFC mobile payments, enhance international acceptance and reduce fraud,” said Stephanie Ericksen, head of authentication product integration, Visa Inc. “Since announcing our roadmap last year, we have seen strong interest among U.S. issuers large and small to invest in chip technology, as today’s milestone shows.”

Visa made other mobile payment news in recent weeks when it signed a deal with a retailer. The REI Visa Application on smartphones, unveiled by U.S. Bank, will give consumers a new way to engage in merchant services-related activities at the store.

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