The Age of Traditional Credit Card Processing is Dwindling
The days of traditional credit card processing are dwindling. In a time of high-level data breaches and ID theft, shoppers and retailers all over the world have naturally started to demand greater security.
EMV (Europay, MasterCard and Visa) is a chip-based payment technology that will be replacing swipe-and-sign processing technology. These cards now come armed with a smart chip that will be be authorized and scanned during every transaction.
The chip connects with the retailer’s point-of-sale system and makes sure the payment card, along with a signature and PIN number, is valid and belongs to the customer using the card. This type of chip technology adds layers of safety against fraud and is nearly impossible to duplicate.
The end result is much safer shopping and far fewer credit card fraud/data breaches. For additional information, check out the infographic below from BluePay.