In yesterday’s post we explained what Chip and PIN cards are and how they’re catching on worldwide. Today I’d like to go over the benefits of Chip and PIN so you can see why so many countries are adopting the technology. Chip and PIN cards provide benefits to cardholders, merchants and banks, including:
Safety - Chip and PIN cards are more secure than traditional magnetic stripe cards, it is exceptionally difficult to copy the information stored on the card and the use of a unique PIN prevents the use of a lost or stolen card being used by someone else.
Faster Payments - with Chip and PIN, transactions are faster and there is no need to check a signature.
Fewer Disputes - Chip and PIN reduces fraudulent and disputed payments.
Customer Confidence - Chip cards are harder to counterfeit, and PIN numbers help prevent fraud involving lost and stolen cards.
Chip-enabled technology has the ability to eliminate the need for tethered devices to process payments in the field, making it a technology to keep an eye on for any business with a mobile workforce.