What is EMV?
EMV is named after its original developers, Europay, MasterCard and Visa, and it is the new standard in card payment security. This new technology equips cards with smart computer chips instead of magnetic stripes, allowing more secure transactions. Chip-equipped cards are not swiped in payment terminals, making it hard for fraudsters to copy cardholders’ details.
The magnetic stripes on traditional cards contain fixed information, which when accessed by fraudsters, can be used to make unauthorized purchases. EMV cards, meanwhile, create a unique transaction code for each payment that cannot be used again for succeeding transactions.
More about EMV.
What are the benefits of EMV cards?
The primary benefit of cards with computer chips is added security. Information in chip-equipped cards is harder to copy. Unlike cards with magnetic stripes, chip-equipped cards are programmed with security codes that make it hard for fraudsters to copy card information.
What if the establishment or merchant does not yet support chip card, can I still use it?
Yes, you may still use your card. The initial set of cards produced contains both EMV and magnetic stripes so as not to hinder transactions.
If my card has both the chip and magnetic stripe, wouldn’t fraudsters still be able to copy information in the magnetic stripe?
Yes, fraudsters may still be able to copy the information on the magnetic stripe. As such, you have to ensure that you use your card only at trusted ATMs and merchants. However, since your card is already equipped with a chip, by convention, fraud incidents will be ruled against equipment and terminals which are not EMV capable. Nonetheless, nearly all POS terminals and ATMs are being upgraded to EMV capability.
Can I use the chip card overseas?
Yes, you can use this chip card for overseas transaction.
Are other countries planning to use EMV chip cards?
Many countries are already shifting to EMV cards because of the heightened security it brings. This is now dominant in European countries while Asian countries are already beginning to implement EMV.
Can I use the chip card for online purchases or at ATMs?
Yes, it can be used for both online purchases and ATM withdrawals.