Banks moving toward wide use of chip technology in cards - Sudeban

Friday, March 25, 2011

Venezuela is moving forward in shifting credit and debit cards to using chip technology, bank regulator Sudeban said in a press release.

The regulator reported that 4,198 ATMs have been outfitted for reading chip cards, as have more than 164,000 points of sale.

So far, 2.9mn debit cards use chip technology, as do more than 836,000 credit cards.

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The press release said the government has been working to fast-track requests for foreign exchange to buy the new equipment, as all forex must be purchased through the government at official rates.