ProCredit Bank starts issuing two types of Visa chip cards that will be available for all its clients. The cardholders can make payments with ProCredit VISA cards wherever they are, in Romania or abroad. The currency exchange will be made automatically at the currency rate on that day. For payments in merchant locations that accept Visa Electron the fee is 0%.
The cards can be used also for cash withdrawals from any ATM displaying the Visa Electron sign. For cash withdrawals from the ATMs of ProCredit Bank Romania, the fee is 0%. ProCredit Visa cards offer also the overdraft facility.
ProCredit Bank VISA Electron is a debit card denominated in RON addressed to individuals. This card can have attached other 4 additional cards, allowing family members to make transactions based on one card account. ProCredit Bank VISA Electron can be used as a salary card and has international use.
ProCredit Bank VISA Business Electron is a debit card denominated in RON addressed to companies. The card is a useful tool that can improve significantly the funds management within the company. ProCredit Bank VISA Business Electron can be used also abroad.
Regarding this project, Michael Kowalski, General Manager ProCredit Bank commented: ”By making this possible, ProCredit Bank has proved the capability to adapt to cutting edge technologies and provide the highest level of services in accordance with global trends, as well as the possibility to offer competitive services for our clients and partners. We have worked very well with Visa on this project and we are happy to launch the first chip card under Visa logo, Visa being very supportive towards its member banks and very committed to drive the market development forward.”
Visa has been at the forefront of developing chip technology and helping to create the global standard for all chip enabled payments. By 2006, Visa expects most of its member banks in Central Europe and many more outside the region to accept and issue this new payment card technology.
Catalin Cretu, Regional Manager for Romania and Bulgaria, Visa International CEMEA said: ”I congratulate ProCredit Bank on this historic milestone – the first chip card issued in Romania, and on the significant contribution it is making to the advancement of payment technologies on this market. Chip cards are the future of payment systems across the world, providing the maximum security of electronic payments. Others will follow their lead so that within a few years, chip technology will be common place for Visa in Romania. We are pleased to see that Visa has managed two important first steps on the way to joining the chip community – first chip card accepted and first chip card issued in Romania are Visa cards.”
The core function of Visa chip card is payment application, which is enhanced by safety and protection functions that are a key weapon against card fraud because the data on the chip is extremely difficult to copy or counterfeit. A chip can contain multiple applications such as safe e-commerce, loyalty points, discount vouchers, tickets, insurance policies, safe access and data identification. The advantage of chip technology lies in the fact that it allows executions of the transactions without the contact with the issuing bank for authorization.
From January 1st, 2006, there will be a change in Visa’s regulations that will provide financial protection from fraudulent losses for those merchants who have migrated to chip technology.
ProCredit Bank Romania belongs to an international network present in 19 countries, on 3 continents. For more than 800,000 customers, ProCredit Bank means “trustful bank”. It means accessibility, flexibility, and closeness to the customer.
Presently, ProCredit Bank has 17 outlets in Romania, out of which 7 in Bucharest. With just one exception, all outlets have ATMs. An aggressive branch network expansion will take place in 2006, with ProCredit Bank aiming to more than double the number of its outlets in Romania. ATMs will be installed in all its branches and agencies and not only. ProCredit Bank Romania plans on installing ATMs in other public locations as well.
Chip cards are already a fact of life for millions of people worldwide. Visa’s member banks are leading the way into the future of payments, with more than 160 million Visa chip cards already in use around the world. It is projected that there will be 170 million chip cards worldwide by the end of 2005. Progress is being seen in the CEMEA region, 120 of Visa’s member banks in 23 countries are now certified for either issuing or accepting chip cards and by September 2005, there were 2.5 million Visa chip cards issued and over 161,000 chip card terminals in the region.
About ProCredit Bank
ProCredit Bank is the only microfinance bank in Romania whose mission is to become the leading provider of credit and general banking services to entrepreneurs and businesses throughout Romania, by providing exceptional customer service, targeted products and a countrywide network. In its lending operations, ProCredit Bank focuses on lending to micro, small and medium-sized enterprises, as it is convinced that this sector has a vital contribution to economic development.
ProCredit Bank supports the business of its customers in the best and most efficient manner that meets international banking standards. As a full-service bank, ProCredit Bank offers its clients – individuals, as well as legal entities – various deposit options at attractive conditions.
In Romania, ProCredit Bank has been founded in 2002 (under Microfinance MIRO Bank name) and represents the result of a partnership between renowned financial international institutions, such as: EBRD, IFC – a member of the World Bank Group, Commerzbank, DEG, ProCredit Holding (German investment company), and IPC. This unique shareholder structure ensures a stabile and prudent management and a dynamic evolution of ProCredit Bank on the Romanian market.
About Visa
Visa International is a service association owned by, and comprised of, 21,000 member banks. These banks have issued over a billion Visa cards worldwide on which US$3 trillion per year is spent across over 150 countries.
Visa’s role is not to a make a profit but to provide payment solutions for its member banks, enabling them to issue cards and process merchants’ Visa card transactions. The Visa products issued by the banks are safer, more convenient and more efficient than cash. Furthermore, they help to bring people into the banking system and to increase the funds available for commercial loans, the lifeblood of a growing economy.
hello i, mr hossein from iran ineed to issue for me visa electron how much im ust pay and when can i received it