Benefits of an EMV CardComment June 12, 2017 by Evan, eCommerce Specialist
You’ve probably noticed that when you pay with your debit or credit card at the majority of stores, they ask you to put the card in the chip reader instead of doing the traditional “swipe” of the card. EMV cards – also known as chip cards – are becoming required by card issuers due to the added security they provide, and more merchants are becoming chip card friendly to avoid being liable for fraudulent transactions.
Chip cards are safer than traditional cards because they provide enhanced fraud protection, and the microprocessor chip on your card is next to impossible to replicate. When you use your card at a chip-activated terminal, the embedded chip generates a code that can be used only one time, for one transaction. This helps reduce fraud because even if the terminal information is stolen, your card data will not be present and the one-time code can’t be used again. According to VISA, counterfeit fraud dropped 58% at chip-enabled merchants in December of 2016 compared to the same time a year earlier.
If you don’t know how to use your EMV chip card, there is no need to worry. Here are 3 steps to complete your next transaction at a chip-activated terminal:
- Insert the chip end of your card into the terminal with the chip facing up.
- Keep your card in the terminal and follow the prompts.
- Remove your card when prompted and take a receipt.
Your chip card transactions take more time at the terminal than your traditional card swipe because of the added security features. Precisely, the chip in the card is generating a unique encrypted message between the merchant and the card’s network and waiting for the network to send back the okay for usage message*.
Chips cards can be used for Mobile Wallet, with all the same benefits of your Triangle Credit Union Visa debit card, plus the convenience of your smartphone. Triangle offers Mobile Wallet for your smartphone – whether it be Android Pay, Apple Pay, Microsoft Wallet, Samsung Pay, and Visa Checkout for online purchases. No more having to carry around a physical wallet or any of your cards. All you need is to have your phone at the ready for any near field communication (NFC) register for a “contactless” form of payment. Just look for the pay “PayWave” logo . In addition, the data within your cards in your Mobile Wallet is encrypted and your private information is safe.
Still have questions or concerns? Then contact us at your earliest convenience or visit our EMV card and Mobile Wallet pages.