CIBC FirstCaribbean International Bank has decided to issue chip and PIN, and contactless debit as well as credit cards for its Visa cardholders.
Cardholders can tap or wave their bank credit or Visa debit cards over point of sale (POS) terminals or readers equipped with the contactless feature in Europe, US, Canada and other countries to make purchases.
The new cards feature an embedded microchip that generates a unique code with each transaction which cannot be used again.
CIBC FirstCaribbean managing director of customer relationship management and strategy Trevor Torzsas believes that it ‘significant milestone’ as it increases the ease of use of the card for small purchases while maintaining the security of the card, which is now also now enhanced with the addition of Chip and PIN technology.
Additionally, the new cards will carry the traditional magnetic stripe besides the new chip, so the cardholders need not worry if they come across a terminal that does not have chip and PIN capability.
Torzsas added: “We’ve introduced a series of innovations to our services, including our very popular Mobile Banking app, to give our clients more choice in how they bank and make payments.
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“We have a banking solution that fits everyone’s lifestyle and our “smart cards” will give our cardholders additional comfort that they can make payments in a safe, secure, yet flexible manner.”