The 21st century way to pay
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:
- Increased security – chip cards are virtually impossible to counterfeit and powerful encryption prevents unauthorised access to information stored on the microchip, making electronic payments safer than ever before.
- 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, which means that your card can make an informed decision at every transaction.
Until every market has completed the move to smart technology, Visa chip cards will also carry a magnetic stripe. This means that you will be able to use your chip card wherever you are.