Various Good Things About the EMV Chip Technology
Visa, American Express, MasterCard and all others are pressuring the US market to make a change from that magnetic stripe cards to those new cards using the EMV chip technology. The magstripe cards may have been the oldest and the standard in America for many years, such EMV technology has surely promised to change the US payment ecosystem by providing those new benefits to the customers, processors and merchants.
A great thing about the EMV cards is that such would allow more secure transactions. The big sell when it comes to the EMV cards is that they provide a much better transaction security to the different parties involved when it comes to the payment process. Those tradition magstripe cards would store different information in only one magnetic stripe. Though this is going to allow just an easy swipe to do a transaction, it also means that the information of the card becomes intercepted by the skimmers and they are going to use this in making fraud transactions.
The EMV cards would actually store the information in such microprocessor smart chips and they get encrypted for protection of data. It is much harder to obtain data and this would mean that it is also more difficult to make fraudulent cards which need the technology to copy the micro chip as well as those encryptions in order to protect such data.
Also, the EMV cards have many options for the cardholder verification which would help in protecting the consumers and businesses from those fraudulent spending and transactions. Be aware that the EMV supports the contact, contactless, including the mobile transaction types. With such contactless transaction, the cardholders will just have to tap their cards on the terminal. By the many modes of card processing, then this makes it much more secure and those customers can minimize their worries too.
You should also know that such EMV chip technology is a platform for a fast and secure mobile wallet payment that would allow the customers to wave the smartphones on the terminal instead of dipping or tapping your card. The EMV also supports mobile transactions since the mobile wallets have become popularly-used in the payment industry and with this, the merchant can provide several options to the customers.
Andrew Phillips Cliq has surely helped in many ways when it comes to card innovations and technology. With a lot of years in experience, he has made a successful venture. In the year 2016, he took Cliq to the next level through accepting those micro merchant transactions and also supporting a real-time funding. He is working with the clients in creating card-processing programs that are made uniquely to meet the individuals’ needs. Cliq is surely a great resource that you can go for when you need the same set up of programs for your place of work.