EMV Transaction Aspects
Card Payment Experience
Performing a transaction with both the merchant and the cardholder present
Chip Technology
Today, an increasing number of payment options are based on chips embedded into the device which the consumer uses to pay a merchant. The most common of these devices is still the ‘chip and PIN’ plastic card which has been with us for well over a decade. Increasingly though, the same chip technology, in combination with different forms of communication, is being used to give consumers more flexible ways of paying. Examples include the same chip and PIN card being ‘tapped’ on a contactless interface instead of inserting in a reader. Other methods gaining in popularity include the use of the smartphones that are in many consumers’ pockets, operating over Near Field Communication (NFC) to perform contactless transactions based on cards stored in a ‘wallet’ downloaded on to the phone or other mobile device. Another growth area is ‘wearables’ where again the same chip technology is embedded into a device which the consumer may carry or wear, such as a smartwatch, or a ring. This gives merchants and consumers much more flexibility in terms of speed and convenience during checkout, whilst extending the security afforded by chip based transactions into new environments such as mass-transit, parking, vending and many others.
Chip Technology
Today, an increasing number of payment options are based on chips embedded into the device which the consumer uses to pay a merchant. The most common of these devices is still the ‘chip and PIN’ plastic card which has been with us for well over a decade. Increasingly though, the same chip technology, in combination with different forms of communication, is being used to give consumers more flexible ways of paying. Examples include the same chip and PIN card being ‘tapped’ on a contactless interface instead of inserting in a reader. Other methods gaining in popularity include the use of the smartphones that are in many consumers’ pockets, operating over Near Field Communication (NFC) to perform contactless transactions based on cards stored in a ‘wallet’ downloaded on to the phone or other mobile device. Another growth area is ‘wearables’ where again the same chip technology is embedded into a device which the consumer may carry or wear, such as a smartwatch, or a ring. This gives merchants and consumers much more flexibility in terms of speed and convenience during checkout, whilst extending the security afforded by chip based transactions into new environments such as mass-transit, parking, vending and many others.