Chip cards – What are the benefits and the changes?

Chip cards are an important step increasing the security of point-of-sale transactions.

Advantages

• A PIN number eliminates the need for checking signatures.
• Simplify transactions.
• Reduce credit card chargebacks.
• Reduce the archiving of paper statements.

Changes

This is how it works:

• The card is inserted into the terminal (and not swiped).
• The card remains in the terminal until the transaction is completed.
• The employee follows the instructions.
• Cardholders enter their PIN on a keypad.
• The receipt is printed when the purchase is authorized.

Equipment

Various measures will be implemented to ensure that all  merchant point of sale payment solutions are updated.

• Point of sale terminals will be replaced.
• The  Integrated Payment System will be updated.