What is EMV?
EMV chip technology is becoming the global standard for credit card and debit card payments. Named after its original developers (Europay, MasterCard® and Visa®), this smart chip technology features payment instruments (cards, mobile phones, etc.) with embedded microprocessor chips that store and protect cardholder data. This standard has many names worldwide and may also be referred to as: “chip and PIN” or “chip and signature.”
What is chip technology?
Chip technology is an evolution in our payment system that will help increase security, reduce fraud and enable the use of future value-added applications. Chip cards are standard bank cards that are embedded with a micro computer chip. Some may require a PIN instead of a signature to complete the transaction process.
One touch to pay on iOS
Apple Pay is a mobile payment and digital wallet service by Apple Inc. that lets users make payments using compatible Apple devices in an easy, secure, and private way.
Just as debit cards made checks virtually obsolete, Apple Pay will push aside physical credit cards. They will be sitting on the shelves next to your old cassettes to show your children how payments were made “in the old days”.
In addition to providing you with an advantage over competitors who don’t accept Apple Pay, you’ll be preparing for the inevitable point of sale standards reform. There’s a reason old cash registers are in antique stores now. The future is here.