With more than 80 countries now using EMV (an abbreviation of Europay, MasterCard and Visa – the three companies that created the standard for secure payment card transactions), the US is the latest country to switch from magnetic stripe to EMV-chip cards to stop rapidly rising counterfeit card fraud.
While magnetic-stripe cards are easy to clone, encryption of chip cards makes them much harder to counterfeit. Here are our 5 top reasons to think CHIP:
The American consumer is concerned with the protection of their personal data following a series of high-profile breaches. In 2013 the US accounted for 51% of the cost of global payment card fraud (Business Intelligence).
New layers of security including encryption and tokenization, and sophisticated online verification tools for card-not-present transactions can help reduce fraud by up to 80%. (Change in EU card fraud post EMV, Discover Financial Services).
With chargeback liability falling on the weakest link in the authentication chain, EMV adoption provides a quick, easy way to reduce chargebacks and help protect merchants from the costs of fraud.
Smarter payments in-store
EMV opens the door to wider acceptance and availability of contactless and mobile transactions. Mobile payment transactions could be worth as much as $27 billion by 2016 – make sure your business is ready for the smart payment generation.
Join the secure payment ecosystem
Safer payments in-store means more transactions and higher revenues. As the last large market to join the EMV stable, visitors to the US and US citizens are starting to benefit from the enhanced security and convenience of chip authenticated transactions. Inter-operability is paving the way for a globally secure payment ecosystem.