What Benefits You can Get from 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. 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.
One benefit of the EMV cards is that this would permit more secured 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 is going to allow just an easy swipe to do a transaction, it also means that the information of the card becomes intercepted by the skimmers and they are going to use this in making fraud transactions.
The EMV cards are storing the information in the microprocessor smart chips and they would then be encrypted for such 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.
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 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.
You should also know that such EMV chip technology is a platform for a fast and secure mobile wallet payment that would allow the customers to wave the smartphones on the terminal instead of dipping or tapping your 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 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 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.