(26 July 2006 – Australia) National Australia Bank is set to begin processing 20,000 chip card transactions a day following a successful pilot with the bank’s customers.NAB general manager of Acquiring, Peter Roeleven, said the bank expected early uptake of the service to be driven primarily by visitors with smart cards issued by overseas institutions.
The bank plans to issue its own chip cards and is investing in EMV compliant merchant terminals.
The term EMV is an acronym of the three companies which worked together to develop chip card technology, Europay MasterCard Visa.
A recent federal government report on payments called for quicker introduction of smart card technology to replace signature based card transactions to improve security.