After years of steadily opposing embedding so-called smart chips in U.S. issued cards, the largest card brand has reversed itself and says it will now back the technology in the U.S.
The use of chip-embedded cards has become the norm overseas and cut down significantly on card fraud at point of sale terminals.
"By encouraging investments in EMV contact and contactless chip technology, we will speed up the adoption of mobile payments as well as improve international interoperability and security," said Jim McCarthy, global head of products at Visa Inc.
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