CHIP and Contactless cards

4/7/17

Loyal Bank bank cards are issued with CHIP capability, most of them with Contactless technology, too. What does this mean? Our quick guide below will explain.

CHIP (also called EMV) is a technology of making your Loyal Bank bankcard far more secure and very hard to copy or clone. With CHIP cards your confidential information is far safer than with old-fashioned magnetic stripe technology and card authorisations, such as when you buy something, are faster, more reliable and far more secure. This technology is standardised worldwide and your CHIP enabled Loyal Bank card can be used and is compatible everywhere (where Mastercard is accepted).

Contactless (formerly called paypass) is a card technology that allows for quick payment for small personal purchases in shops etc. by just tapping or waving the card at a card terminal. No PIN or signature is needed for small amount purchases. There are protections against accidental or double payments. Contactless replaces cash for small payments.

If you do not already have one please request your new Contactless bank card via the Loyal Bank Netbank. The existing Loyal Bank magnetic stripe only cards held by our customers will all be changed as they expire in the coming months.

Sincerely, 
Loyal Bank 

 

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