Dynamic Card Solutions LLC is offering a system that lets U.S. banks instantly issue EMV-compliant debit and credit cards for international travel.
However, No U.S. banks are offering such cards. A number of observers have said financial companies should consider doing so, because a growing number of Americans have reported problems when trying to make purchases with U.S.-issued magnetic stripe cards in countries that have shifted to the EMV Integrated Circuit Card Specification.
EMV cards require users to enter a PIN to authenticate transactions, and the security format is incompatible with the magnetic stripe cards used in the United States.
With EMV Smart Set, announced Tuesday, banks can issue EMV-compliant cards either from a centrally located back office or at a branch.
Banks would issue the cards to consumers who travel abroad, said Ron Zanotti, a senior vice president at Dynamic Card Solutions.
"Many U.S.-based cardholders who travel internationally, where EMV cards have become the payment standard, are unable to complete transactions with their magnetic stripe cards," Zanotti said.
Dynamic Card Solutions, of Englewood, Colo., offers hardware and software that lets banks create payment cards at branches that they can give to new customers and those who have lost their cards and want replacements immediately.
The company would not give a price for the instant-issuance EMV system.