OREANDA-NEWS. May 13, 2008. SEB Lithuania is the first bank in the country to accept new debit cards based on Visa Europe’s V PAY technology. The new cards take full advantage of the latest chip and PIN technology, are cost-effective for banks to implement, efficient for merchants to accept, and secure for cardholders to use, reported the press-centre of SEB Bank.

Holders of V PAY cards can now use them for paying at numerous locations which have terminals installed by SEB Bank that bear a special label, and also for cash withdrawal at SEB Bank ATMs.

“An increasing number of European banks have started issuing V PAY payment cards that are more and more frequently used for payments within the EU countries. Therefore, our objective is to offer wide possibilities for using this card in Lithuania as well,” says Vytautas Sinius, head of Retail Banking in Lithuania.

V PAY debit cards are SEPA (Single Euro Payments Area) compliant. SEPA, among other things, is project aimed at the unification of settlement terms within the EU Member States.