We’ve seen this before: a major U.S. issuer, anticipating the eventual arrival of EMV, issues a chip-enabled card to a limited audience, hoping to gain a feel for what to expect down the road.
This time, it’s Wells Fargo issuing chip cards. The By Invitation Visa Signature credit card will only be issued to customers of its Wells Fargo Advisors and The Private Bank business divisions at first, with a larger rollout expected down the road.
Eric Schindewolf, vice president of product development for Wells Fargo’s Consumer Credit Card division, says the bank will keep a close watch on how delivering chip-and-PIN payment capability to a small set of clients impacts those customers’ spending habits.
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