New chip card launched in Saint-Jérôme

The official launch of the Desjardins chip card is a milestone in the development of payment methods in Québec.

Saint-Jérôme (Québec), June 19, 2008 – Today, in Saint-Jérôme, Desjardins Group officially launched its chip card. The largest financial institution in Québec has once again confirmed its leadership by implementing this technological development in payment methods.

Members of Desjardins caisses in the municipality of Saint-Jérôme are therefore the first in Québec to benefit from this leading-edge technology to make transactions with their debit and credit cards. Close to 20,000 Desjardins chip cards are already in circulation. ATMs in the Saint-Jérôme area, as well as many of the point-of-sale terminals belonging to local merchants, were adapted for the chip cards.

“We’re very happy to be using this innovative technology that will allow Desjardins caisse members to make their electronic transactions in an even more secure way,” declared Mr. Jean Yelle, Vice-President of Desjardins Card Services.

In all, more than 9 million Desjardins debit and credit cards will gradually be equipped with microchips. Over the next few years, all of Desjardins Group’s equipment, including the financial cooperative’s 2,700 ATMs, will be adapted for this new technology. In addition, over 1,425 caisses/branches and service centres will receive computer upgrades, and more than 55,000 businesses will have new equipment installed.

This new card will offer better protection against forgery and fraud of lost or stolen cards. Since the introduction of the chip card will take place gradually, new cards will also be equipped with a magnetic stripe so that they can be used wherever microchip card technology is not yet available.

About Desjardins Group

Desjardins Group is the largest integrated cooperative financial group in Canada, with overall assets of nearly $150 billion, as at March 31, 2008. It comprises a network of caisses, credit unions and business centres in Québec and Ontario, and some twenty subsidiary companies in life and general insurance, securities brokerage, venture capital and asset management, many of which are active across the country. Drawing on the expertise of its 40,000 employees and the commitment of more than 6,500 elected officers, Desjardins offers its 5.8 million individual and corporate members and clients a full range of financial products and services. Its physical distribution network is complemented by leading-edge virtual access methods.

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Source (for journalists only):
Nathalie Genest
Advisor, Information and Media Relations
(514) 281-7275 – 1 866 866-7000, ext. 7275