The CHIP technology is a global standard to make bank cards more secure. It consists of a computer chip incorporated into the bank card which makes the identification process more complex, meaning it is harder for fraudsters to steal the card’s data. In simple words, the CHIP technology provides greater protection against fraud.
With your CHIP bank card you can pay anywhere, there are no restrictions or compatibility conditions; there is no need to look for signs or icons in shops. In many countries the use of CHIP technology is now obligatory, since the CHIP cards offer greater security for card users.
The contactless technology in your bank card is about making, fast, easy and secure payments in no time. Your bank card has a sensor in it, which is read by the POS reader when you make a purchase. You only need to place your card close to the POS terminal, and that is it – you do not need to swipe your card through the reader or enter your PIN. For security reasons, this transaction type has a limit of about 20 dollars or currency equivalent (which also depends on the retailer) and if it is exceeded, the POS reader will request your PIN code or the bank card to be inserted in the reader.
Pay with your Contactless bank card in any shop where you see the sensor-like icon: