What is chip and PIN technology?

chip Pin Technology
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What is chip and PIN technology?

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Chip and PIN technology is a way of authenticating a cardholder’s identity. An embedded microchip contains the customer’s information, and a four-digit PIN is used to verify the customer’s identity. In order for the transaction to be approved, the PIN must match the information stored on the card. Chip and PIN card systems are based on the EMV standard, developed by EMVCo LLC, whose founding members included Europay, MasterCard and Visa. These standards enforce the use of certified EMV compliant POS terminals. EMVCo LLC defines chip card and chip-reading terminal requirements by auditing and certifying merchants for EMV compliance.

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