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Chip cards are payment cards that have an embedded chip. Chip cards offer you advanced security when you use the chip to pay in store or at an ATM.
This EMV Migration Forum infographic was designed to answer the key questions surrounding the U.S. migration to EMV chip cards for payment. From this infographic, readers will learn what the migration is and when it will happen; the security features of chip cards; what will change for the consumer; and how the payment process works with chip cards.
EMV migration is not just about security but also about migration to a global standard that not only offers better security, but is the baseline for new payment products and solution’s like mobile payments.
Chip or “smart” cards are credit, debit or prepaid cards that have an embedded microchip Microchip generates a dynamic one-time use code (a cryptogram) Prevents the data from being re-used to create counterfeit cards
Soon “chip” or “EMV” cards, using smart technology providing enhanced security, will be replacing everyone’s magnetic-stripe cards. The letters “EMV” refer to the technology’s originating team: Europay, MasterCard and Visa. Having a “chip” means that a customer’s payment method includes a tiny but powerful microprocessor, working around the clock to store and secure consumer data. The chip can’t be duplicated by criminals like a magnetic stripe card can, and it creates a unique code sequence for each individual transaction.
Each time you insert your chip card into a chip-enabled terminal, a unique security code is generated. This makes it extremely difficult for anyone to reuse your information and better protects you against counterfeit fraud.
Chip cards are credit and debit cards embedded with a microprocessor on the front and the traditional magnetic stripe on the back. They are also known as “chip”, “smart” or “EMV” (Europay, MasterCard® and Visa®) cards. Chip cards provide strong transaction security when used at a chip-enabled terminal. This added layer of security can help minimize cardholder impact when a data breach occurs. Chip technology is already used in over 130 countries around the world. It will become the standard in the U.S. as the number of retailers accepting chip cards is growing.
Whether using your Chip Card here in the U.S. or while traveling abroad, we want you to know how it works and be ready to use a chip terminal when making purchases. It’s a smart card that’s already standard around the world.
A chip adds another layer of security to cards when used at a chip card reader. During the chip transaction, the chip produces a single-use code to validate the transaction — further protecting cards from unauthorized use.
As chip technology will soon become the security standard in the U.S., many merchants are beginning to accept chip cards and we want you to be ready. You’ll enjoy greater security when making purchases at a chip-enabled terminal since the chip provides better protection against counterfeit fraud. Chip technology is already used in over 130 countries around the world, including Canada, Mexico and the United Kingdom, so you’ll enjoy greater acceptance when traveling internationally.