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 the magstripe cards have actually been the standard in America for several decades, the EMV technology has promised to revolutionize the US payment ecosystem through offering new benefits to the merchants, customers as well as the processors.
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. Such traditional magstripe cards are going to store 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.
The EMV cards would actually store the information in such microprocessor smart chips and they get encrypted for protection of data. It is a lot more difficult to get the data and this means that it is harder to create fraud cards requiring the technology to duplicate the micro chip and also the encryptions in order 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. Also, you need to know that EMV would support such contactless, contact and mobile transaction types. With the use of the contactless transaction, those cardholders will simply have to tap the cards on that terminal. With the many modes of card processing, then this makes it more secure and customers can alleviate their worries.
Also, you have to know that the EMV chip technology is surely a way to have a fast and secure mobile wallet payment that would allow the customers to simply wave their smartphones on the terminal instead of tapping or dipping 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.
For such card innovations as well as technology, Andrew Phillips Cliq has been of great help. With so many years of experience under his belt, Andrew Phillips made a new 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 also works with the clients when it comes to setting up the card-processing programs which were uniquely made to meet the needs of the individuals. If you would need the same set up in your office or company, then Cliq is your most fantastic resource.