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 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. Those tradition magstripe cards would store different information in only one magnetic stripe. Even if such permits an easy swipe to finish a transaction, it would mean that the information of the card gets intercepted by those skimmers and use this to make fraudulent transactions.
The EMV cards would actually store the information in such microprocessor smart chips and they get encrypted for protection of data. 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.
Those EMV cards do have various options for the cardholder verification that would help protect those consumers as well as businesses from such fraudulent spending as well as 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. Through the different modes of card processing, then such would make it a lot more secure and customers may also 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. The EMV also supports mobile transactions since the mobile wallets have become popularly-used in the payment industry and with this, the merchant can provide several options to 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 is working with the clients in creating card-processing programs that are made uniquely to meet the individuals’ needs. 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.