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. 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. 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. 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.
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.
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 the use of the contactless transaction, those cardholders will simply have to tap the cards on that terminal. By the many modes of card processing, then this makes it much more secure and those customers can minimize their worries too.
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. Because the mobile wallets are the trends in the payment industry, EMV would support for those mobile transactions allowing the merchant to invest in such one system to open many options for customers.
For the card innovations and technology, Andrew Phillips Cliq has certainly helped a lot. He has really done a great venture with so many years of experience. What he has done to Cliq in 2016 has really taken the company to a greater height by allowing real-time funding and accepting those micro merchant transactions. 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. When you are in search for a similar set up of program in your work place then he and Cliq are your best resources.
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