Various Good Things About the EMV Chip Technology
American Express, Visa, MasterCard as well as the others are definitely pressuring the US market to switch from the use of the magnetic stripe cards to using the new cards with the EMV chip technology. Though such magnetic stripe cards have been the standard in America for many decades, the EMV technology has made a promise to revolutionize the US payment ecosystem by providing new benefits to the customers, merchants and also those processors.
A great thing about the EMV cards is that such would allow more secure transactions. What is the huge sell in the EMV cards is that they are going to provide several much better transaction security to several parties who are involved in processing car payments. Such traditional magstripe cards store all the different information in just one magnetic stripe. Though this would permit a simple swipe to accomplish a transaction, it means that the card’s information may be intercepted by the skimmers and then used for making fraudulent cards.
Such EMV cards would store the information in the microprocessor smart chips and they are then encrypted for data protection. It is a lot harder to get the data and such means that it is much harder to make fraud cards that would need the technology to duplicate such micro chip and the many encryptions to be able to protect the 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. Through the contactless transaction, such cardholders will only have to tap their cards on such terminal. With the many modes of card processing, then this makes it more secure and customers can alleviate their worries.
You must also know that the EMV chip technology is one way for a fast and also secure mobile wallet payment allowing the customers to wave the smartphones on such terminal rather than dipping or tapping the card. Since the mobile wallets are among the other trends in the payment industry, such EMV support for the mobile transactions would permit the merchant to invest in that single system in order to open various options for the customers.
Andrew Phillips Cliq has surely helped in many ways when it comes to card innovations and technology. He has really done a great venture with so many years of experience. In 2016, he actually took Cliq higher by accepting micro merchant transactions and by also supporting such 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.