Re: Visa Smart Card in US
>> PROVIDIAN LAUNCHES NATION'S FIRST CLEAR CHIP CARD
smartcardcentral.com
San Francisco
September. 12, 2000
PRNewswire
New Providian Visa(R) Combines a Smart Chip With Stealth Technology-Inspired Plastic to Bring the Next Generation Smart Card to the General Market
A new "smart" credit card, molded of space-age clear plastic and sporting an embedded computer chip, will soon be making its way to American homes and delivering greater online security, convenience and style. Providian Financial Corporation (NYSE: PVN), the nation's fifth largest bankcard issuer, today became the first bank in the United States to announce that it will issue a "smart" Visa-branded credit card nationally.
"This is a card with attitude," said David Alvarez, head of Integrated Card Business for Providian. "The new Providian Visa with Smart Technology is the next generation in credit cards, providing a clear, cool look, and smart chip technology. It's designed to help protect personal information and deliver clear customer communication."
The Providian Visa with Smart Technology stores customer identification and account information on an 8K chip (8K RAM, 24K ROM) as well as on a traditional magnetic stripe that ensures acceptance online and at all Visa merchant locations. Because of the smart chip, the card has the capability to support numerous applications that involve storage of data. Thus, in addition to the usual cash access, debit and credit card functions, the new card, when fully enabled, could also serve, for example, as a telephone calling card or electronic ticket. As the technology evolves to an expected 32K chip (32K RAM), all Providian Visa smart chip cardholders will receive the newest generation of card.
"It will be like having a computer in your wallet," Alvarez says. "Over time, we hope to have this card work with cell phones, Internet TVs, hand-held organizers and PCs to give anytime, anywhere commerce and convenience." The new Providian Visa will be marketed initially to a limited list of potential customers, and by the end of the year to customers across the credit spectrum.
Stealth Technology Paint Job
Providian has teamed up with Colorado Plasticard Corporation, which has a patent-pending process to color the clear card plastic with Stealth technology-developed ink. This special ink permits the card to be clear, but readable by ATMs.
"We expect customers to love the look as much as we do," added Alvarez. "Our research shows that people really want to project a positive image when they flash their card at retailers."
Clearly Smart Technology
When used with a smart chip reader connected to a personal computer, the new Providian Visa enables online transactions without the transmission of full account information over the Internet, providing additional protection for personal information and further safeguards against fraud. When shopping online at merchants with compatible technology, consumers will slide their card into the reader, available from Providian, and key in a password to authorize the sale. The merchant never sees the account number. Customers who use this e-wallet option will be spared the drudgery of repeatedly keying in account information for every transaction.
To celebrate the launch of the new card, Providian will provide free readers to the first 50,000 card accounts.
"We believe that chip cards will become standard in the United States - once somebody puts them in consumers' wallets," says Alvarez.
"And Providian wants to help lead the way. Once the cards are in wide circulation, we believe merchants will follow their customers and embrace the smart card."
Clear Communications
The clear card is also intended to reflect Providian's commitment to plain, clear communication regarding balances, billing, and interest rates. Terms and conditions of the credit agreement, usage guidelines and cardholder responsibilities will be spelled out in simple language and in large type.
The new Providian Pledge, reflecting the Company's commitment to customer satisfaction, will appear prominently on solicitation materials. In addition, Providian's personal privacy commitment ensures that the Company will protect its customer's privacy. Providian does not sell, loan or give personal information that identifies its customers to list brokers, mail-order businesses, or telemarketers for use in their promotions.
Clear Benefits
Benefits Providian expects its customers to get from the card are crystal clear:
Clear Advantage: Exceptional customer service, including online account access and an e-wallet to make online purchases easier
Clear Security: The card comes with Providian's $0 liability that protects cardholders from fraudulent purchases policy (subject to verification of unauthorized use); customers shop worry-free both online and offline.
Clear Problem Resolution: Providian's new Easy Billing Dispute Policy will remove any disputed charge from the customer's bill until the claim is resolved.
Clear Satisfaction: Providian's commitment to 100% customer satisfaction.
Clear Future: Users receive free upgrades as chip technology evolves.
About Providian Financial
San Francisco-based Providian Financial Corporation (www.providian.com) is a leading provider of lending and deposit products to customers nationwide and also offers credit cards in the United Kingdom and Argentina. Providian serves a broad, diversified market with loan products that include credit cards, secured cards, and membership products. With a commitment to 100% customer satisfaction, Providian's mission is to help its customers protect and responsibly use credit by providing a quality borrowing experience that leads to active and lasting customer relationships. The fifth largest bankcard issuer in the nation, Providian Financial was recently named one of America's Most Admired Companies by a survey in Fortune magazine, and the nation's top financial institution by US Banker magazine. The Company has $27 billion in assets under management and 14 million customers. <<
- Eric - |
