What Benefits You can Get from 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.
One benefit of the EMV cards is that this would permit more secured 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 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.
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.
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. 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. 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. 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 the card innovations and technology, Andrew Phillips Cliq has certainly helped a lot. 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.