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What is Chip Technology?
We have always been committed to providing you with the highest level of security for your credit and debit card transactions. Therefore, we will be integrating the added protection of chip technology into our CUETS MasterCard credit cards, MemberCard debit cards, Global Payment cards and Automated Teller Machines (ATMs) over the next couple of years.
A chip card, or "smart card", is a card product containing an embedded microchip. It's like having a personal computer right on your card that is capable of performing a variety of functions, including card authentication, Personal Identification Number (PIN) verification, and storage of payment information, all in a highly secure environment. The encrypted microchip is very difficult for unauthorized users to counterfeit, which makes the already safe payment system even safer and more secure.
The conversion to chip technology will take several years to complete as it includes changes to infrastructure, such as merchant terminals and ATMs, as well as the cards themselves. We are currently in the process of converting our ATM network and CUETS MasterCard credit cards to chip technology. MemberCard debit cards and Global Payment cards will be converted to chip cards in the near future.
Chip technology is already widely used throughout the world. However, since some countries have not yet converted to chip technology, all our credit and debit cards will continue to have a magnetic stripe on them to ensure that cards are accepted worldwide. The magnetic stripe remains a secure method of payment for use at terminals that are not chip-enabled.
To learn more about how chip technology will increase the security of your debit card and credit card transactions you can visit the Interac website.
How to use a Chip Card
Using a Chip Card - Easy as 1-2-3!
Making a purchase with your chip credit or debit card is easy and secure. All you have to do is follow these simple steps:
Step 1: Insert your chip card "chip first" into the chip-reader on the terminal. Note: Your chip card remains in the terminal during the entire transaction.
Step 2: Click OK on the purchase amount. Enter your four-digit Personal Identification Number (PIN) and wait for the transaction to be processed.
Step 3: Remove your chip card after your transaction is Approved. With chip technology you don't have to sign a receipt when you make a purchase, instead you only enter your four-digit PIN.
If you use your credit card at a retailer that does not have a chip-reading terminal, the magnetic stripe on your card will be swiped and you will be asked to sign the receipt as you have in the past.
The process for using your chip credit or debit card at an ATM will remain the same; you will still need to enter your PIN to complete the transaction. The PIN that you use is the same for both chip-enabled terminals and ATMs.
Remember to always protect your PIN whether you are using a chip-embedded card or a card with a magnetic stripe.
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