In the News: Chase Is First Major U.S. Bank to Offer Chip and PIN Credit Card Processing Technology
Chase Bank recently announced that it is now issuing Chip and PIN credit cards for people who frequently travel out of the United States. The technology has been implemented in Europe and Canada to enhance credit card security, though the United States has not yet made the switch from magnetic stripe credit cards to Chip and PIN cards. BluePay offers Chip and PIN credit card processing capabilities for its Canadian merchants.
What Is Chip and PIN Credit Card Processing?
While traditional credit cards store information in the cards’ magnetic stripe, Chip and PIN credit cards have a microchip. Rather than swipe the cards to retrieve account information, the microchip is “dipped” into the terminal and requires a PIN instead of a signature for authorization. The advanced technology makes it harder for criminals to use stolen credit cards through forgery and skimming frauds.
Chip and PIN in Europe and Canada
Europe has already switched from magnetic stripe credit cards to Chip and PIN technology, seeing a significant decrease in fraud since 2006, when the Chip and PIN went into full effect. In Canada, merchants will no longer be able to accept magnetic stripe credit cards by the year 2015.
BluePay Chip and PIN and Canadian Merchant Accounts
BluePay Canada is helping Canadian merchants make a seamless switch from magnetic stripe to Chip and PIN. In addition to Chip and PIN terminals and processing solutions, Canadian merchants have access to BluePay processing services such as electronic billing, mobile processing, secure payment gateways and more.
Read the entire article about Chip and PIN technology from Chase Bank here.