EMV
chip-enabled cards also store considerably more information than magnetic stripe card.
Additionally, 20% say they never plan to upgrade to
chip-enabled processing equipment.
In order to accept
chip-enabled cards, merchants had to replace their card terminals.
Sam's Club says it is the first mass retailer to actively implement
chip-enabled technology.
Further, the CBO, in association with Visa, the world's leading electronic payments network, has done preliminary work to persuade banks to migrate to
chip-enabled payment cards.
"The management of the ATM network and issuing the
chip-enabled debit cards will offer the bank's customers a secure environment on all their electronic transactions which is accepted within GCC and international networks, enabling the bank's customers to conduct their transactions from any place in the world," said Sinnad general manager Ebrahim Janahi.
Summary: Gulf Bank today announced that it has completed its migration to EMV
chip-enabled Debit MasterCard cards
Customers of Barclays Bank will be able to use the reader to generate One-time-Passwords, authenticate themselves at the log in point, sign transactions, insert
chip-enabled banking cards into the device and enter their card PIN code.
The user inserts her card into a
chip-enabled terminal and, in some cases, is prompted to input a personal identification number (PIN).
The BSP had ordered banks to issue all customers with EMV
chip-enabled cards until June 30 next year, or else be slapped with a fine.
"Chip-on-chip" transactions -- those conducted with
chip-enabled cards at
chip-enabled terminals -- amounted to 30 percent of all debit transactions in January 2017, a 650 percent year-over-year increase.
