Q: Will WSECU issue EMV-chip enabled cards?
A: This is something that you can look forward to in the future. These cards are not mandated in the U.S. yet.  It is something that we are keeping our eye on and will move forward with as soon as all processes are in place. The first step in this transition will be for merchants to put systems in place to be able to accept chip cards. Once that happens, we will be able to start rolling this out. While we don’t have an exact date, we are hoping to be able to offer these to our members towards the end of 2014 or the beginning of 2015. WSECU credit cards will be the first to make the transition and then the debit cards.
Q: What is an EMV chip-enabled card?
A: EMV stands for Europay,-MasterCard- Visa after a joint effort between the three to ensure a secure and global way for MasterCard and Visa to be accepted worldwide. When used to pay at merchants with chip-enabled terminals and at ATMs, the system validates the chip helping to ensure a more secure transaction.
 
Q: What is the benefit of a chip-enabled card?
A: Chip-enabled credit cards are a standard payment method around the world, so having this feature will make purchasing abroad much easier. A credit card with a microchip is more secure than one with just a magnetic stripe on the back because the account information is encrypted in the chip making it more difficult to fraudulently copy the credit card details.
 
Q: What information is on a chip-enabled card?
A: The microchip embedded in the card stores information required to authenticate, authorize and process transactions. This is the same type of information already stored in the magnetic stripe on the back of a card.
 
Q: Will a chip card work outside the United States?
A: Yes. A chip-enabled card will work at merchants processing transactions using a chip-enabled terminal or using a magnetic stripe reader. A chip-enabled card can be used anywhere in the world where Visa cards are accepted.
 
Q: Where has EMV been adopted?
A: EMV has been implemented in more than 80 countries around the world, with approximately 1.5 billion EMV cards issued globally and 21.9 million POS terminals accepting EMV cards at the end of 2011. The U.S. payments infrastructure is now moving to EMV with incentives and requirements for issuers, acquirers/processors and merchants to adopt EMV over the next three years.  The United States is one of the last countries to migrate to EMV. In 2011 and 2012, American Express, Discover, MasterCard and Visa all announced their plans for moving to an EMV-based payments infrastructure in the U.S.
Q: Once WSECU implements EMV, will I be able to use the chip-enabled card for everyday transactions domestically?
A: Yes. In addition to the embedded microchip, the card has a magnetic stripe on the back. That way you can make purchases by swiping your card and signing the receipt. You will also be able to use the card at ATMs.