Buffalo-based M&T Bank announced earlier this week that it was going to put microchips in its commercial credit cards. According to a recent American Banker article, the microchips will enhance the cards’ security while also improving the purchasing experience for M&T business clients when they are traveling abroad.
M&T Bank group vice president for commercial products Chris Morphew said in a news release that not only do the changes enhance security, but they also provide more benefits to customers.
“Travelers will benefit from the chip-enhanced card as international adoption for this technology is in everyday use,” Morphew said, as reported by the news source.
Additionally, M&T launched a new commercial card rewards program. Through this new offering, corporate customers’ employees can earn reward points that can be used for gift cards, merchandise or travel.
American Banker reported that M&T now also offers an executive card that is chip-enabled that offers “certain elevated insurance coverage.” The new card has 24-hour concierge service and statement credits for travel expenses.
Commercial credit cards are becoming more of a hot commodity. PYMNTS.com recently discussed a report that found commercial card purchase volume grew by 13 percent in 2013, reaching $888 billion.
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