![]() ![]() When you make a purchase by inserting your chip card, the payment terminal checks that your card is genuine. ![]() Chip card transactions are more secure because they work differently. But making purchases via a magnetic swipe means data like your credit card number, expiration date and more get carried across phone lines to your bank for processing. That’s because not all retailers are prepared to accept chip cards, so the older tech will stick around a little while longer. According to information provided by VISA, industry analysts estimate 70% of the country’s credit cards and 41% of its debit cards will be upgraded to chip technology by the end of this year.Īt the beginning, the new chip-and-PIN cards will still carry magnetic stripes. France, the first country to adopt the new cards, did so back in the 1980s. ![]() As of last year, 83% of western European consumers had chip cards, compared to just 7% of stateside shoppers. For Americans, the change to chip-and-PIN is long overdue. ![]()
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