Small Players Offer Smart Cards, but Not Big Banks

For years, banks around the world (but not in the United States) have been offering credit and debit cards with EMV chips to combat fraud. In last week’s Bucks blog on the New York Times Web site, Ann Carrns discusses why big banks aren’t offering this technology even though credit unions around the country are. Below is an except from the article:
So if small credit unions are offering the latest card technology to members, why don’t big banks? The answer to that question is a bit complicated, said Martin Ferenczi, managing director of card systems in the United States for Oberthur Technologies, a large maker of E.M.V. chips. Oberthur entered the American market in 1994, and is still waiting for widespread adoption. “We’ve been very patient,” Mr. Ferenczi said. “The only country not very advanced in this technology is the United States.”