Raiffeisen Bank: First credit card with multi-functional chip

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Raiffeisen Bank issued credit cards with multi-functional chip, the first of this kind that a bank launches in Romania, the Business Standard daily informs on Thursday.

The Bank announced that all the credit cards to be issue from now on, would be chip- equipped and would be used for the confirmation and the approval of the e-transactions through Raiffeisen Online. Likewise, users will receive the card reader and the multi-functional integrated chip card, for free.

The Bank’s strategy includes the clients’ access to all the platforms by one single instrument, of the latest generation security systems, retail division’s vice-president Razvan Munteanu said.

‘The integrated chip card allows new functions to be added, over time. Today we make the first step unifying the access to the on-line banking with that to the transactions specific to the credit card,’ said Munteanu.

Raiffeisen Bank officials say that the information the card stores cannot be copied, as it may happen with the traditional magnetic stripe card.
Raiffesisen Bank held an active portfolio worth 326,000 credit cards in end-June.

Over 70 percent of its clients are active users. The credit lines totaled 900 million lei, and the card transactions reached 380 million lei in the first half of the year, by 20 percent higher than over the same time span, last year.

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