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 the magstripe cards have actually been the standard in America for several decades, the EMV technology has promised to revolutionize the US payment ecosystem through offering new benefits to the merchants, customers as well as the processors.
One benefit of the EMV cards is that this would permit more secured transactions. The big sell when it comes to the EMV cards is that they provide a much better transaction security to the different parties involved when it comes to the payment process. Such traditional magstripe cards store all the different information in just 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.
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. Also, you need to know that EMV would support such contactless, contact and mobile transaction types. With the use of the contactless transaction, those cardholders will simply have to tap the cards on that 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. 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 so many years of experience under his belt, Andrew Phillips made a new venture. In the year 2016, he took Cliq to the next level through accepting those micro merchant transactions and also supporting a real-time funding. 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. If you would need the same set up in your office or company, then Cliq is your most fantastic resource.