Wednesday, April 13, 2011

Wells (WFC) Testing Visa (V) Microchip Cards

Wells Fargo (NYSE:WFC) announced it will be rolling out a pilot program to test Visa Inc. (NYSE:V) cards embedded with microchips, which will aid the company in expanding places the cards will be accepted around the world.

Outside America businesses have widely adopted the use of chip-enabled technology for authentication rather than magnetic strips.

The new cards will include both EMV chip technology and the traditional magnetic stripe.

According to Wells, the pilot program is the first of its kind by a major American-based bank, and includes approximately 15,000 credit card customers of the bank who travel extensively internationally.

Wells Fargo was trading at $31.10, falling $0.30, or 0.96 percent, as of 10:33 AM EDT.

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