What You Need to Know About EMV Chip Technology

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What You Need to Know About EMV Chip Technology

EMV chip technology has changed the security game for how credit and debit cards operate. It is no secret that electronic transactions make up the majority of how you make and receive payments in today’s world. We’ve recognized this technology boom and constantly strive to give our members the best. This is why we’ve dived head first into the innovative chip card technology. So what is the 411 on all things EMV? We’re glad you asked…

What does EMV stand for?
EMV stands for Europay, Mastercard and Visa. It is named after the companies who created the technology.

What makes EMV chip cards more secure?
EMV chip cards are more secure in a sense that every time your card is used the EMV technology created a one-time user code for your payment. This means that if someone is nearby with a card scanner they will not be able to obtain all of your card information.

What is the procedure when using an EMV chip card?
With your new EMV chip card there comes a new process of purchasing at the checkout counter. Instead of swiping your card as you use to do with a magnetic stripe, you will now insert your card (chipped side) for the card to be read. As stated in the answer above, this is the time that a transaction code is created for your card and read by the card reader.

What is the difference between an EMV chip card vs a magnetic stripe card?
There are two major differences between chip cards and magnetic stripe cards. The first major difference is the extra layer of security provided by the chip cards. Since the cards contain a computer chip that generates a one-time transaction code, it is considered less vulnerable to card scanners and cyber hacks. The second major difference is that while it takes the same amount of time to make a purchase as it does with a magnetic stripe card, instead of the traditional swipe we are used to, the chip card stays in the machine the whole time it is being processed.

For more information on our upcoming credit card conversion please click here.

Sources: http://www.creditcards.com