BoV issues first EMV chip card

Bank of Valletta announced it has successfully issued the first EMV chip and PIN cards through its systems. EMV is the standard set of specifications agreed to by the Europay, MasterCard and Visa consortium for smart cards using integrated circuit (chip) and personal identification numbers. EMV compliance ensures inter-operability of all chip cards and terminals equipped with chip card readers.

"This is an important milestone in the process that will see us issuing EMV chip and PIN debit and credit cards to our customers over the coming weeks," said Tonio Depasquale, CEO at Bank of Valletta. "By the end of this, we would have replaced most of the existing cards," he added, explaining that this is a complex logistical exercise that is seeing the bank implement this new technology for the benefit of its customers.

The new cards will offer customers several benefits over the cards currently in circulation, including improved security and a more efficient payment process. Holders of the new cards will authorise the transaction by entering their personal identification number on the keypad of the electronic point of sale terminal (EPOS). This is faster and more secure than the current system where the customer only has to sign a receipt generated by the EPOS to authorise the transaction.

The new technology also provides additional security and process-related benefits to merchants.