Chip Technology (EMV)

DirectCash has set the stage for chip-based payment platforms as an integrated and convenient experience for consumers and merchants. We are among the first acquirers in Canada to be certified by Interac Association, Mastercard and VISA, to deliver chip technology to Canadians.

Chip-enabled credit and debit cards are being issued across Canada and will see a gradual increase in distribution over the next three years. VISA and MasterCard have committed to a mass distribution of chip cards in the market by 2010. Interac has also established migration mandates with Automated Banking Machine (ABM) and point-of-sale (POS) conversion starting in 2010.

A chip card (also referred to as a “smart card”), is a credit or debit card that contains an embedded computer chip. A chip card is the next generation of credit and debit cards. Just like your current debit card, chip cards will require the cardholder to enter a Personal Identification Number (PIN).

Chip Technology promises to:

• Reduce chargebacks
• Reduce fraud
• Simplify store operations
• Increase POS checkout speed

In Canada, VISA, MasterCard and Interac have committed to a smooth transition to chip technology for all participants in the electronic payments system.

For more information please visit www.emvco.com

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