What Benefits You can Get from 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. A big sell in the EMV cards is that they would offer a lot better transaction security to many parties which are involved in 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.
Such EMV cards would store the information in the microprocessor smart chips and they are then encrypted for data protection. 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. You should also know that the EMV supports such contact, contactless as well as the mobile transaction types. With such contactless transaction, the cardholders will just have to tap their cards on the 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. 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.
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 2016, he actually took Cliq higher by accepting micro merchant transactions and by also supporting such real-time funding. He works with those clients to make such card-processing programs that are really made uniquely to be able to meet the needs of those individuals. 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.
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