WaveCrest, a digital payment solutions provider for global corporations and governments, today announces that it has added EMV security to its portfolio of US-issued prepaid debit cards.
EMV is the global standard for chip-based debit, credit and prepaid card transactions and is a joint initiative between Europay, MasterCard and Visa to ensure security and global acceptance so their cards can continue to be used everywhere.
WaveCrest will immediately offer its customers prepaid debit cards that will be chip and signature-enabled. This includes MyChoice Preferred, which allows businesses to streamline commission, business incentives, travel payments and control expenditures, as well as the MyFare card, which gives taxi and limousine fleet owners the most convenient, efficient and secure way to pay their drivers.
Issuance and usage of EMV cards are both rapidly rising in the US. In September, The US Payments Forum reported that 55 percent of spending is now on chip cards, while 96 percent of the top 200 merchants are now accepting chip payments. In addition, small-and medium-sized businesses have also seen a significant jump in enablement, with an estimate that 70 to 80 percent of these businesses are now chip-enabled.
Miles Paschini, WaveCrest’s Chief Revenue Officer, said, “We continually strive to add new products and services to meet the changing needs of the markets we serve. And as customers rightly demand ever more secure payments and more merchants accept EMV payments, we are responding to this with the launch of our chip-enabled prepaid debit cards.”
