Various Good Things About the EMV Chip Technology
MasterCard, Visa and the American Express as well as the others are actually pressuring the US market to go for the EMV chip technology instead of maintaining the use of the magnetic stripe cards. 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.
One benefit of the EMV cards is that this would permit more secured 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. Those tradition magstripe cards would store different information in only 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 are storing the information in the microprocessor smart chips and they would then be encrypted for such 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.
EMV cards also have a lot of options for such cardholder verification that helps to protect the consumers as well as the businesses from such fraudulent spending and also 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. Through the different modes of card processing, then such would make it a lot more secure and customers may also 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. 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 2016, he actually took Cliq higher by accepting micro merchant transactions and by also supporting such 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. 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.