Chip-based Visa cards reach 100mn mark

- Tuesday, August 2, 2011

Chip-based Visa cards reach 100mn mark

Visa (NYSE: V) has reached the 100mn mark for its chip-based cards in Brazil after launching the technology in 1996 to reduce credit card fraud, a press release from the company's local subsidiary reads.

Currently, US$0.05 of every US$100 billed through credit cards is fraud related compared to US$0.18 in the 1990s, according to Visa.

"The 100mn smart card mark symbolizes our leadership in innovation and commitment to provide quicker and safer transactions for both consumers and retailers," said Jose Maria Ayuso, head of products for Visa Latin America and the Caribbean.

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