Chip cards are standard bank cards that are embedded with a micro computer chip instead of or in addition to a Magstripe<\/a>. It is an evolution in our payment system that will help increase security and reduce fraud in a card-present environment. A cardholder\u2019s confidential account data is more secure on a chip-enabled payment card than on a MagStripe<\/a> card, as the former supports dynamic authentication, while the latter does not. This prevents fraudsters from easily copying account information and creating counterfeit cards.<\/p>\n In United States, MagStripe cards are more common-place although a migration towards chip cards is currently underway from all major card networks and Issuing banks. In UK, Chip cards, more specifically the This post explicitly discusses contact chip cards, which requires direct contact with the reader to establish communication with each other during a payment transaction. There is also a contactless chip card variant that we will discuss in the next post.<\/p>\n Contact Chip cards may come as \n Welcome to the Mobile payments FAQ and\u00a0not so FAQ<\/a>\u00a0series\u00a0and you are on FAQ\u00a0#6.\u00a0The idea behind this series is to\u00a0share and learn as much as possible about the field of mobile payments.\u00a0If you like, you can read all of the FAQs on the Mobile Payments<\/a>\u00a0category or by visiting the Table of contents<\/a> page.<\/p>\n","protected":false},"excerpt":{"rendered":" What is a Contact\u00a0Chip Card? Chip cards are standard bank cards that are embedded with a micro computer chip instead of or in addition to a Magstripe. It is an evolution in our payment system that will help increase security and reduce fraud in a card-present environment. A cardholder\u2019s confidential account data is more secure on a chip-enabled payment card than on a MagStripe card, as the former supports dynamic authentication, while the latter does not. This prevents fraudsters from easily copying account information and creating counterfeit cards. In United States, MagStripe cards are more common-place although a migration towards... ![\"\"](\"http:\/\/www.gmarwaha.com\/blog\/wp-content\/uploads\/2014\/09\/chip-and-contactless-annotated1.png\")
<\/p>\nChip-and-PIN<\/code> variety is ubiquitous while MagStripe cards are almost extinct.<\/p>\nChip-and-PIN<\/code> or Chip-and-Signature<\/code> cards. Chip-And-PIN cards are used to verify the cardholder by asking them to enter a PIN during transaction authorization whereas Chip-and-Signature cards use traditional signature for cardholder verification. PIN is generally considered a more secure method of cardholder verification than Signature. But, the credit card platform in United States is not built to support PIN. So, you would generally see only Chip-and-Signature cards in US.<\/p>\nMobile Payments Blog Series<\/h4>\n
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