Allianz Bulgaria bank announced on June 14 that it issued the first-ever VISA chip card in this country.

The key advantage of the chip cards, also known as smart cards, compared to the traditionally used cards with magnetic stripes is the increased safety for the users' money. Thanks to the built-in chip, the card has a developed high-technology system for a three-level system of protection for the data stored on it.

The card is called smart, or intelligent, because it is active - it is enabled to receive information, to process it and, as a result, to make a decision. Another significant feature is the possibility to organise in a single card several separate structures of data and programmes for operation, for example, an ID health insurance card, an e-purse, an insurance card, a credit card and many more.

Allianz started with the launch of chip VISA Classic cards. They bear the image of the golden mask of the ancient Thracian king Teres from the treasury of Bulgarian cultural heritage, which makes a symbolic connection between the thousand-year-old Bulgarian history and the newest technologies. The bank will also offer VISA Business and VISA Gold cards starting the end of the month.

Allianz Bulgaria will be offering the chip credit card at preferential terms until December 31 2006, without service charge for the first legal year, a preferential interest percentage for the first six months - only 0.57 per cent monthly - and an opportunity for the client to choose three consecutive months during the second year when the interest will be 50 per cent less than the standard one.

When issuing a chip credit card, Allianz Bulgaria does not block out the client's funds and does not require additional guarantees. The bank grants a credit limit of 10 000 euro at the most, or the equal value in leva or US dollars.

"I am very pleased that Allianz Bulgaria issued the first VISA chip card on the Bulgarian market. This is the first smart card, which will lead us into the future of the electronic payments", said Svetoslav Gavriiski, CEO of Allianz Bulgaria bank and former Bulgarian National Bank governor.

Catalin Cretu, vice president for Romania and Bulgaria of VISA International CEMEA (Central Europe, Middle East and Africa), congratulated Allianz on this milestone towards the future of card payments.

"Chip cards are the future of payment systems across the world, providing maximum security of electronic payments and more card capabilities. The introduction of chip technology in Bulgaria will diminish fraud migration and will enable Bulgaria to be on a par with its future co-member states in the EU", Cretu said.