Credit cards launch new payment system

Visa and MasterCard have announced a multi-million dollar marketing campaign to publicise their new payment technology.

Europay MasterCard Visa (EMV) uses microchip technology, rather than a magnetic strip, to help prevent credit card fraud. The card can be used for various transactions.

Westpac recently began phasing in the smartcard and will upgrade its entire network in the coming months. Commonwealth Bank is expected to soon follow. EMV technology has also been in use by ANZ for four years, and upgrades will be completed by the end of this year.

This smartcard is currently being considered by the Australian Payments Clearing Association for an industry-wide upgrade.