MasterCard leads in the implementation of chip cards worldwide, with more than 395 million chip cards in over 92 countries.
This experience is now being applied in the Canadian market, with a goal to ensure the payments industry is in the right position to capture the benefits of chip technology.
In 2008, chip-enabled MasterCard® cards were introduced into the Canadian market, starting in Kitchener-Waterloo. Since then, national roll out of chip has been taking place.
What is MasterCard Chip?
The MasterCard chip-enabled card is the same as a traditional payment card, but with an embedded microchip that works with a PIN instead of a cardholder signature. This microchip is a computer processor with memory, logic and configuration software that allows for new applications and enhanced security features.