MasterCard introduces chip

The Benefits of Chip

Merchants who accept chip payment cards may see the following benefits:

  • Reduced fraud – chip & PIN provides increased protection against the use of lost, stolen, and counterfeit cards, resulting in a reduction of fraudulent transactions and chargebacks
  • Operational efficiency – merchants no longer need to store sales drafts for chip & PIN transactions
  • Increased speed at check-out – chip & PIN simplifies operations at the point-of-sale as your staff no longer needs to verify signatures; this can result in faster throughput
  • Flexibility for future applications – chip offers a platform for the development of enhanced payment features and tools like OneSMART PayPass – the MasterCard® EMV contactless payment solution