Many regions of the world have already begun to use this new technology and now it’s coming to Canada.

In the future, instead of swiping a card that has a magnetic stripe on the back, you will "dip" a card that has a computer chip embedded on the front. Instead of signing to verify a payment, you will enter a private Personal Identification Number (PIN).

The way you complete a transaction with your credit card will change but the card will continue to function as a normal credit card with all the same features and protections you now enjoy.

The focus now is on building the infrastructure to issue and process chip cards. Once that is in place, we will use the chip's greater capacity to carry unique payment applications and custom features.

MasterCard leads the Canadian market with all 12 active MasterCard issuers and five leading payment processors introducing chip cards over the next few years. A critical mass of cards and card accepting payment devices will be in market by 2010.