A credit card with a chip used in many countries worldwide has been introduced by Chase bank, the Associated Press reported.
The company’s co-branded British Airways card went public Monday and is appealing to frequent overseas travelers.
The Wall Street Journal reported that the banking firm is putting its bets on the new card as a way to combat credit card fraud.
While many other countries such as Britain and Canada have implemented the EMV standard, the United States is alone among developed nations that use the magnetic strip for its debit and credit cards. In the EMV standard, users insert their cards into a machine and input their PIN number to complete their transaction.
The International Business Times reported that as many other countries have shifted towards EMV, the United States has been stuck in limbo for many years with card companies reluctant to to issue the cards until merchants accept them and merchants refusing to accept the standard until the credit card companies issue such cards.
Though some credit card companies have EMV chip cards, high-end clients have been the main beneficiaries.
