Unlike people in China, Americans have shown reluctance to adopt cashless payments. Why is that the case?
A major reason for this is security. People are not sure that their confidential data will stay secure. The good news is that service providers understand their customer’s reservations and have taken measures to address their concerns.
This is where EMV credit cards come in. These cards make it tough for fraudsters to replicate credit card information and hence ensure your money stays safe. Take a look at common questions people have about this technology:
What Is EMV And Why Is It Secure?
What separates EMV cards from others is the presence of a computer chip on the card. Unlike conventional cards, EMV cards don’t have a magnetic strip. Previously thieves used to copy the strip and steal your data.
Since EMV cards don’t have the strip therefore, robbers are not able to gain access to sensitive information. Furthermore, whenever you use these cards, the chip generates a unique code.
Even if hackers are able to gain access to your data, they wouldn’t be able to profit from it since the code regularly changes.
Statistics show that there has been a 54% decline in counterfeit cases and this is largely because of EMV cards.
How Do You Purchase Products With EMV Cards?
Payments using EMV chip cards consist of two steps: reading card and verifying the transaction. But unlike traditional cards, you don’t have to worry about fluidly swiping the card in the right direction.
What you do instead is ‘card dipping’. In this process, you insert the card in a terminal slot, which then processes the transaction. Although the process is slower than swiping a card, it’s safer.
The processing time varies. It depends on the kind of POS terminal that the merchant has installed.
What Are Other Options Apart From Card Dipping?
Apart from card dipping, you can also use EMV cards with contactless card readers and other Near Field Communication products. All you need to do is place the card near the scanner and it will automatically read the data.
Do you need to enter your PIN?
This is just one of the ways in which you can verify your data however; there are many payment processors, which are not equipped to process PIN credit transactions.
It all really depends in your POS terminal. According to developers, over time these systems will be developed in order to allow these kinds of transactions.
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