Due to problems with “skimming” fraud, magnetic stripe bank cards are becoming a payment method of the past in most places around the world except America but that is soon to change. EMV, which stands for Europay, MasterCard and VISA, is a global standard for chip-and-PIN electronic payments. Insteading of paying with the old school mag-stripe credit card, soon mobile phones that have near field communications (NFC) chips will bring EMV chip-and-PIN payment technology to America.
Skimming is a fraud crime that involves grabbing the data off of your credit card at the point of sale and using that data to manufacture fake credit cards or purchase items using the data.
EMV chip-and-PIN smart card technology is big in the rest of the world and will be here soon. Merchants that want to be ready will need the ability to accept NFC contactless payments. Not sure what exactly means? Basically it is the same technology used in Mastercard’s PayPass or American Express’s Express Pay.
If you are a merchant and would like to upgrade your point-of-sale terminal, we can help. It is no longer a matter of if you will need to upgrade your payment systems; only when. If you upgrade now you will be ready!
And your customers will be happy because they know chip-and-PIN is safer!