MASTERCARD WILL REPLACE MAGNETIC STRIP WITH CHIP-BASED TECHNOLOGY

January 31, 2012 The Unbiased Writer

mastercard logo MASTERCARD WILL REPLACE MAGNETIC STRIP WITH CHIP BASED TECHNOLOGY

Fifteen years ago, MasterCard, Visa and Europay introduced EMV technology to help make credit cards more secure. However, the technology never really caught on in the US until now? In a recent press release, MasterCard, revealed they have created a plan to help usher in the EMV era which could potential be the end of the magnetic strip. EMV technology is far more fraud-resistant because each transaction is authenticated dynamically using cryptographic algorithms and a user-specific PIN. Mastercard plans to take part in building out the EMV infrastructure by April of next year, and have its secure e-payment system functioning at ATMs. More details will be forthcoming, but in the meantime, let us know what you think?

mastercard emv MASTERCARD WILL REPLACE MAGNETIC STRIP WITH CHIP BASED TECHNOLOGY

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