The shift to chip is part of a global evolution in the payments industry. Chip has already been widely implemented in Europe and Asia and is being introduced in Latin America, Africa and the Middle East.

Greater protection against fraud

In Canada, chip will provide added protection against unauthorized use of your card. While MasterCard^® cards already operate with sophisticated security and fraud protection systems, chip cards have the capacity to enable greater security. The microchip has much greater capacity to store information securely than the current magnetic stripe.

This means the chip can carry more sophisticated payment applications, including enhanced security programs that provide better protection against unauthorized use of your card. While current fraud prevention programs are robust, chip will provide important protection from potential future fraud.

Innovative Payment Programs

In addition to better protection, the chip system can be used to provide innovative new payment programs like MasterCard PayPass^®, a convenient payment program that will allow you to use your chip card to just Tap & Go™ at certain fast check-out locations like gas stations and convenience stores.