What's this emv chip CC?

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6pack

Northstar
Got this message from my CC provider.

As per RBI directive, we will be replacing your existing Credit Card with an EMV chip enabled Credit Card by 30th June 2013.
........ snipped.

What's this emv chip? What will it do?
 
To my knowledge, information will be stored in a chip in the card rather than the magnetic stripe. This ensures better security and lesser chances for duplicating or cloning cards. The problem, I believe, is that this is not a simple process. In addition to upgrading the cards, various merchants and banks should also upgrade their swiping devices into ones that can read the chips, and also accommodate other changes in the system, all of which I am not aware of. Again, to my knowledge, until emv chips replace the magnetic stripes entirely, cards will continue to have both the chip and the stripe, thus offsetting some of the advantages. It all depends on widespread adaptation of the new technology.

A good read here: http://smallbiztrends.com/2012/04/emv-smart-card-adoption.html
 
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It is a good addition to the security of Credit Cards. The magnetic stripes can be easily duplicated.
 
yeah..its CHIP + Strip as of now. Strangely though.. the SBI card i got last year, has this EMV chip, but the other 3 i got later dont have it.
 
The chip based cards also have a magnetic strip. If the POS machine is chip enabled, then it will only accept the chip based input, while in case of other machines the magnetic strip/swipe can be used. The chip enabled machine will reject a chip based card if you try to use it by swiping. You'll need to be careful and inform the merchant/operator to use the chip reading slot in such a case.
 
In my experience, chip based cards are not swiped. They are inserted into machines. And I guess since its becoming mandate, banks will notify their vendors to upgrade their machines or give them a replacement too.
 
In Blr, even the vegetable vendors around Marathalli have the chip reading capable card machines. Go figure.
 
Yups....we will not anymore "hand-over"; the card to the merchant. Kind of like NFC. But for a while, I think our plastics will come with magnetic and embedded chip.
 
asingh said:
Yups....we will not anymore "hand-over"; the card to the merchant. Kind of like NFC. But for a while, I think our plastics will come with magnetic and embedded chip.
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You still have to handover the card as it needs to be inserted into the machine for reading.
 
asingh said:
Could be. By people told me, that in Europe and such place no need to hand over the card. Sorry, if I said it wrong. :)
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i was about to post the same message... i don't know how hard it is in india to turn over the swipe pad to customer side? at least that's what happens abroad and you don't ever have to "hand over" your card, except in some restaurants.

apart from providing protection from card scanners, these chipped cards will have added functionality, most of which will not be applicable for poor india.
 
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