The terms EMV and chip are often used interchangeably. EMV is a set of specifications for smart card payments and payment devices which was developed by Europay, MasterCard and Visa.
A chip card (also known as a smart card) is a standard-size plastic card with a magnetic stripe and a small microprocessor embedded into the card that contains an operating system.
Once you activate your card, you’ll enjoy the following benefits:
- Added security – unlike magnetic-stripe-only cards, every time a chip card is used to make a payment, the card’s chip creates a unique transaction code that cannot be used again, making it extremely difficult to copy or counterfeit.
- Accepted internationally – chip technology is already used in 130 countries, including Canada, Mexico and the United Kingdom.
You can continue to use your card for all your everyday transactions. As merchants upgrade their card terminals – you may be asked to insert your card into the card reader (to activate the chip on your card) and then follow prompts. If a merchant’s card terminal hasn’t been upgraded, you’ll continue to swipe the magnetic stripe through the card reader to make a payment.
Your process to purchase online with your new debit card will not change.
Your non-chip debit card will expire 30 days after you receive your new chip debit card.