As credit unions learn more about new technology, they are some of the institutions leading the nation in the issuance of payment cards that use embedded computer chips to validate identity and secure transactions.
The chip technology, dubbed EMV technology for the Eurocard, MasterCard and Visa data technology standard, has been available in other countries for some time but only recently gained support from the major card brands for introduction into the United States.
Not only was the 100,000-member, $3.7 billion United Nations Federal Credit Union in Long Island City, N.Y., the first credit union to issue EMV-enabled cards, the cooperative is believed to be the first financial institution to distribute them to a significant portion of its card base.
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