|The United Bank Limited (UBL) has become the first bank in
Pakistan and South Asia to adopt and implement Visa's EMV (Europay-MasterCard-Visa)
chip-card programme for its forthcoming credit cards launch,
its president Atif A. Bukhari said.
He was addressing a press conference on Thursday over the
adoption of first EMV, chip credit card along with James Murray,
executive vice-president, Visa International and Santanu Mukarjee,
country manager, South Asia Visa International.
The EMV is the global standard for chip-based payment transactions
and is the future of payments. The UBL chip credit cardholders
will be benefiting from greater payment options and services,
besides enhanced security, protection and convenience.
The UBL President said: "As the first bank in Pakistan
to adopt the global EMV programme, UBL is delighted to be
working with Visa International in this endeavour.
This move is very significant for us as it provides unending
opportunities to our customers. All of UBL's products and
services are being developed keeping in view the increased
level of consumer awareness due to increased accessibility
of information and, hence, the demand for better products
and services with options."
The new futuristic chip enabled UBL credit card will offer
special exciting features to customers combined with greater
security and protection.
Given the global recognition of the Visa brand and EMV chip
technology, the UBL can now provide its customers with a product
based on value and options to enhance their lifestyle.
Commenting on the launch, Santanu Mukarjee said: "Globally,
we have found that consumers would like to consolidate information
on their payment cards to enhance their lifestyle.
Smart cards provide banks the opportunity to combine multiple
applications onto a single chip. With the growth in e-commerce
and in-commerce, Visa's smart card programmes can meet the
evolving needs of consumers for greater convenience, control
and highly personalized services.
"we are delighted that Pakistan joins rest of the Asia
Pacific region in adopting and implementing EMV smart card
programmes and the UBL being the first to roll out Visa's
EMV chip programme in South Asia," he added.
The new UBL ship credit card will be a payment card embedded
with a microchip. The embedded chip will store encrypted customer
information and will be able to combine multiple functions
and applications from different industries such as loyalty
or discount points, personal identification, transit or health
information and internet access. EMV is the global interoperable
standard for chip-based payment card transactions. Chip cards
offer new payment options and services, greater security and
more convenience and choice compared to traditional magnetic
Chip cards provide additional levels of security as they
perform secure authentication using encrypted data.