Chip based technology is one of the first steps towards this. If you don't think cash will eventually be phased out, think again.
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Canada is moving to chip-based technology
Banks and the major credit card companies are now moving to chip technology for debit and credit cards. In addition to the magnetic stripe on the back, cards now also have a microchip ? really a small computer ? in the card.
When making a purchase, rather than swiping your card and signing a receipt, you now insert it in the store payment terminal, punch in a personal identification number (PIN) and leave your card in the terminal while the transaction is processed. These cards use a technology called ?cryptography? that allows the card and the store terminal to communicate with each other during the transaction and carry out security checks to ensure the card is valid.
The microchip is state-of-the-art in payment card technology and is extremely difficult for criminals to duplicate. In fact, chips cards have reduced fraud in a number of other countries where they are currently used. The implementation of chip-based technology is well on its way and most retailers and consumers are now able to do chip and PIN transactions.
Visa Canada and MasterCard Canada are bringing chip card technology to Canada on behalf of the banks and the financial institutions that issue Visa and MasterCard branded credit cards. To learn more about chip technology, visit their websites at:
?www.visa.ca/chip
?http://www.mastercard.com/ca/persona...hnologies/chip
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