TORONTO - Visa has announced plans to introduce credit cards that contain a microcomputer chip that can securely store and encrypt confidential information. The chip will also be able to perform a number of functions such as approving and declining transactions for specific accounts.

These new cards will also come with a Personal Identification Number (PIN) which will take the place of a signature providing more security for the cardholder. A previous survey conducted by Visa found that 61 per cent of Canadians preferred using a PIN when conducting financial transactions. These cards can also be programmed to set spending and usage limits.

Participating Visa financial institutions are expected to introduce the new cards over the next seven years in Canada. Visa plans to adopt a global standard for this technology that will allow Canadians to use their cards anywhere. Currently, Europe and Asia are also planning to participate in the conversion program.

For more information on the card go to http://www.international.visa.com/?country=ca&ep=v_gg_new.

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