A computer in your pocket
All over the world, microchips are being added to payment cards — and Visa CEMEA is one of the leaders of this technological revolution. By August 2006, more than 5.3 million chip-based Visa cards were in use across the region, in markets ranging from Russia and the CIS countries to Egypt and Serbia.
Chip—or smart—cards are the 21st century update of conventional cards. They have many advantages, including:
Chip—or smart—cards are the 21st century update of conventional cards. They have many advantages, including:
- Increased security — chip cards are virtually impossible to counterfeit and powerful cryptography prevents unauthorised access to information stored on the microchip, making electronic payments safer than ever before. In some markets, the power of the chip is enabling cardholders identities to be confirmed by personal identification number (PIN) rather than signature when they make a purchase, increasing the security of card transactions even further.
- Additional features — a single smart card has the potential to perform a variety of functions. As well as payments, your card’s chip could be programmed to incorporate extra features and services from other organisations, such as a loyalty scheme, transport ticketing or identity documentation.
- Greater convenience — their memory capacity means that chip cards can be used safely in remote locations where telecommunications are unreliable or prohibitively expensive. Chip cards contain a number of checks and balances that are set up by your issuing bank. Information stored on the chip can be read by a terminal, which means the most efficient authorisation method is used and you cannot overspend.
