Chip and PIN: the benefits
Nearly half of the Visa cards issued in Europe now carry a chip. When used with a PIN they bring many benefits to merchants:
- Fewer disputes
Chip and PIN reduces fraudulent and disputed payments, saving you time and money on dispute resolution.
The information on a chip card is protected by encryption, making it extremely difficult to access illicitly. PIN numbers help to prevent chip cards being used by anyone other than the legitimate cardholder. - Faster payment
Chip and PIN payments can be as quick as cash or even faster. With chip and PIN cards there’s no need to check a signature, and some payments can be authorised offline, saving time and telecommunications costs. - Customer confidence
Card crime damages customer confidence and depresses sales. Chip cards are harder to counterfeit, and PIN numbers help prevent fraud involving lost and stolen cards.
The future is chip-enabled
Advances in chip technology are opening up new possibilities for electronic payments.Self-service card acceptance terminals are becoming increasingly popular, and new contactless ‘wave and pay’ payments are now being trialled in various countries worldwide.
Have you received a suspicious email? Visit our