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2-min read

EMV Chip Technology and its Benefits

Cards with magnetic stripes need an active online connection with the bank’s system to perform any sort of transaction.

Updated:April 30, 2019, 1:29 PM IST
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EMV Chip Technology and its Benefits
Cards with magnetic stripes need an active online connection with the bank’s system to perform any sort of transaction.
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EMV chip technology has been in use globally since quite some time. Developed by Europay Mastercard and Visa (which gives it the acronym), it has a lot of benefits over the magnetic stripes that were used in all cards. Recently RBI mandated the use of EMV chips in all debit & credit cards in India as well, effective from January 1st, 2019. For the uninitiated, here’s why the EMV chip technology is far better and much needed for all your card transactions.

Safety guaranteed!

The old magnetic stripes in cards stored all the information in that single strip, which made it vulnerable to frauds. All a fraudster needed to do is place a skimming device at the swipe-slot, and all your information could be replicated and misused. The EMV chip technology takes this risk away, as it stores all the information in the microprocessor chip, which is additionally encrypted as well. Every transaction generates a unique code, which cannot be replicated by even yourself.

Not only is swiping at any merchant or vendor now safer, but ATMs are also being re-done for this purpose. New ATMs that read the EMV chip require you to keep the card in the machine till the transaction is done. Scamming and phishing tactics will be of no use against the new technology.

Mobile transactions are in!

Imagine not needing a card? It’s real now. For those who are using mobile wallets for their payments, EMV chip technology is a boon. It supports mobile transactions, and all one needs to do is wave their smartphone over the terminal and perform transactions. This is great for the merchant as well, as they will now need to invest in one single payment system instead of various different ones to cater to many.

It’s Global!

Since EMV chip technology is becoming global, it will be much easier and more convenient to perform transactions while travelling to different places and countries. A lot of countries including India are doing away with the magnetic stripe cards completely, and adopting this new, universal, enhanced mode of security.

Welcome touchless transactions:

While this is not widely prevalent as yet, cards with EMV chip technology can be used to perform transactions via a single ‘Tap’ at the terminal that is EMV enabled. No need for swiping means faster transactions.

Not online? Not a problem

Cards with magnetic stripes need an active online connection with the bank’s system to perform any sort of transaction. Terminals all over can be organized to facilitate offline transactions and verifications, and cards with EMV chip technology can process verification even without an online connection.

It’s a wave of change that was much needed. Let’s embrace technology that makes our lives easier, and EMV chip technology is surely one of those.

To know more, click here.

This content has been created in association with YONO SBI.

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