BUSINESS

BiH Close to Implement Cards with EMV Chips

The global payment company Visa Inc. announced the timetable for the improvement of ATM’s in the US and in the Asia-Pacific region in order to have them accept the EMV chip cards that serve to prevent fraud in credit card transactions.

Transition to the so-called smart cards will raise the level of security, and the owner of ATM’s will be responsible for transactions with the forged/false cards; in other words, the side that did not apply the EMV technology on time.

The unique global political responsibility supports the chip-on-chip (EMV chip on the card reads the EMV reader chips) for transactions at retail outlets and ATM’s.

If a card with an EMV chips is used in ATM’s that do not accept cards with an EMV chip, the owner of the ATM will bear the cost of its misuse, the responsibility that the owner of the card currently bears.

It has been announced that BiH is at a very high level for the implementation of EMV chips, and that nearly 70 percent of transactions were carried out with the use of EMV chip technology.

“Investment in EMV chip technology is of great important to all banks, because it gives an added value to security transactions at ATM’s, especially in cases of payment for goods and services in countries outside of BiH. Firstly, it reduces the possibility to copy EMV cards’’, said the VISA country manager for BiH Biljana Petruševska-Trajkovska.

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