WaveCrest adds EMV for prepaid debit cards
Certain prepaid debit card issuers that didn’t initially adopt EMV technology — because of a lower perceived security threat for these limited-use cards — are now going the EMV route.
The move coincides with a decline in cost for EMV card production as U.S. EMV card saturation rises, alongside a growing consumer concern about card security.
Gibraltar-based WaveCrest will issue all of its prepaid debit cards in the EMV format henceforth, including its MyChoice Preferred cards used by corporations to distribute commissions, expenses and travel payments; and the MyFare card, which taxi and limousine services use to pay drivers, WaveCrest said in a Monday press release.
“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,” Miles Paschini, WaveCrest’s chief revenue officer, said in the release.