The global business culture is increasingly moving towards cashless transactions. From coffee shops and restaurants to shopping malls, a chip and pin machine is used regularly by all kinds of business owners. Since customers prefer to pay by their card rather than having to carry large wads of cash, this culture is only gaining more impetus.
Initially, the chip and pin system was brought to use as a strategy to establish a uniform system for accepting debit and credit cards worldwide. The scheme was called EMV smartcard and was a joint venture between Europay, MasterCard, and Visa. The strategy worked successfully and today, all sizes of businesses are adopting this technology to expand their business whilst making it convenient for their customers to pay for their purchases.
The functioning of the chip and pin machines is extremely simple and easy to understand. Every credit and debit card comes with a chip that has the cardholder’s information embedded in it. So, once the cardholder inserts the card into the chip and pin terminal and the PIN number matches with the one entered by the person using the card, the transaction is successful.
The possibility of fraud using a chip and pin terminal is greatly reduced because the PIN code of every debit and credit card is unique and only known by the cardholder.
Owing to the rampant use of chip and pin systems in all types of commercial spaces and industries, a new generation of chip and pin terminals are continually flooding the market. Previously, the countertop machines were the only option. Today, one can choose from portable to mobile card machines. Even chip and pin contactless-embed machines are being perfected, which will shape the future of online payments.
One of the primary reasons why businesses are increasingly implementing card and online payments is because of high security and great convenience. Business owners also no longer have to worry about the safety of their money because it is tucked away in their merchant account. From small to well-established business, chip and pin terminals are a necessity.
