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. 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. 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 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.
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. 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 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. 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 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. If you would need the same set up in your office or company, then Cliq is your most fantastic resource.