BOV issues first EMV chip card

Bank of Valletta said yesterday it successfully issued the first EMV chip and Pin cards through its systems.

CEO Tonio Depasquale said that by the end of the year, the bank would have replaced most of the existing cards with the new EMV chip and Pin cards. He explained that this is a complex logistical exercise that is seeing the bank implement the new technology for the benefit of its customers. The new cards that Bank of Valletta will be issuing offer customers a number of benefits over the cards in circulation, including improved security and a more efficient payment process. The bank said that, when using the new EMV chip and Pin cards, the card holder authorises the transaction by entering his Pin on the keypad of the electronic point of sale terminal (Epos). This is faster and more secure than the system in place today where the customer signs a receipt generated by the Epos to authorise the transaction.