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THE ADVANTAGES OF YOUR EMV CHIP
April 27, 2016
Financial institutions are fully embracing EMV Chip technology; opting
to use this method instead of the traditional debit or credit cards which feature a magnetic stripe that stores cardholder data. In the case of EMV chips, the data is instead stored on an embedded microprocessor which offers several benefits to consumers. Many are asking 'what this truly means'.
One of the main advantages of your EMV chip is that it provides a greater level of security for cardholders. This is because the technology is designed in such a way that significantly reduces the likelihood of counterfeit fraud. With traditional cards that use magnetic stripes, there is the possibility that skimmers can access cardholder information and then use that information to commit fraud. With EMV technology, it is much more difficult for cardholder information to be skimmed.
Another of the advantages of your EMV chip is that it supports mobile phone transactions and does not require direct contact or direct swiping of the card in order to process transactions. Therefore, EMV provides a greater level of payment flexibility to consumers and allows for the speedier processing of payment transactions.
EMV cards will become a global standard soon and this means that consumers will be able to use their EMV smartcards to conduct transactions all across the world.
EMV technology protects consumers against fraud and reduces the threat of the hacking of personal financial information. At the end of the day, EMV technology is the way of the future. and Central Sunbelt is excited to introduce the technology to its membership!