M&T Bank (MTB) in Buffalo is embedding microchips in its commercial credit cards as part of a broader initiative to boost market share in the commercial card business.

The $90 billion-asset company said this week that the microchips will enhance the cards' security while improving the purchasing experience for its business clients when traveling abroad. Chip technology is common in many foreign countries, and M&T's cards will feature custom personal identification numbers that can be used at chip-enabled merchant locations.

"These changes enhance the security and fraud protection of our commercial cards while also providing benefits to our customers. Travelers will benefit from the chip-enhanced card as international adoption for this technology is in everyday use," Chris Morphew, group vice president for commercial products at M&T Bank, said in a news release.

M&T also announced that it has created a new commercial card rewards program that will allow its corporate customers' employees to earn reward points that can be used for gift cards, merchandise or travel. There are no limits to the number of points users can accumulate and the points do not expire. It has also created an executive card, also chip-enabled, that features 24-hour concierge service, statement credits for travel expenses and "certain elevated insurance coverage," the company said.