CHIP and Contactless cards

4/7/17

All Loyal Bank bank cards are issued with CHIP and PIN capability, most of them with Contactless card technology as well. What does this mean? Our quick guide below will explain.

CHIP and PIN (sometimes called EMV) is a means of making your Loyal Bank bankcard far more secure and very hard to copy or clone. A built-in microchip on your card stores your PIN and keeps it safe from intrusion or copying.  With CHIP and PIN, 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 and PIN Loyal Bank card can be used and is compatible everywhere.

Contactless (sometimes 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, signature or password is needed. There are protections against accidental or double payments. Contactless replaces cash for small payments and is twice as fast as paying in cash or paying using a conventional card that needs authentication by PIN or signature.

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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