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Thursday, 12 March 2015 20:25

Are Your Ready for "Chip Cards"?

"Chip cards" or EMV cards are credit and debit cards embedded with a micro-chip. The acronym, EMV stands for Europay, MasterCard, Visa.

Don't let the changes catch you unaware! These cards are in wide-spread use throughout the world and are now being rolled out in the US. The goal of EMV is to improve security and reduce fraud at the point of sale. By later this year magnetic stripe cards will live only in our memory, along with the 8-Track tape.

 

For merchants, the switch to EMV requires adding new in-store technology, updating internal processing systems, and complying with new liability rules.

 

For consumers it will cost no more than a bit of extra time for processing at the check-out counter. They will simply receive and activate new cards and adjust to a small change during the payment process.

 

For the benefit of both our business partners and their customers, we answer a few important core FAQs about EMV cards in a series of future quick reads, "EMV Bytes". 

 

 

Published in Blog