The majority Visa partner banks are already authorised (or in the process of becoming authorised) to accept chip cards as part of their banknote and POS systems, an initiative first started at the beginning of 2007. In addition, many players are also preparing to launch chip cards. "The risk of fraud leaking onto markets that have yet to embrace chip technology has persuaded banks to implement these changes," says Catalin Cretu, general manager of Visa Europe for Romania. On the local market, Visa has 30 partner banks, out of a possible total of 41. International payment organisations have imposed an agreement to partner banks (called liability shift), which stipulates that if fraud occurs when a chip card is used in a network that only accepts the old technology (magnetic stripe cards), then the bank will incur the cost. The new technology, which involves data being stored on a microchip, is much more secure, and payment organisations believe there is a strong risk criminals will target markets where the system has yet to be implemented.
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