"The Ministry has initiated discussions with the India Security Press regarding the project for issue of chip-enabled
e-passports to the citizens," said Jaishankar.
"Before the conversion of magnetic stripe cards to EMV chip-enabled
cards, details of cards and cardholders were easily compromised via duplication or skimming (copying the magnetic stripe on a legitimate card and creating fake payment cards from this).
Compared with the traditional magnetic stripe technology, EMV, a global standard for interoperation of integrated circuit cards, has provided additional layers of security, includ-ing a unique digital seal or signature that is encrypted in every chip-enabled
The Bangko Sentral ng Pilipinas (BSP) has ordered banks to issue all customers with EMV chip-enabled
cards until June 30 this year or face penalties.
The company said it has deployed more than 460 million EMV chip cards and chip-enabled
readers in more than 2.5 million locations since 2011.
There were over 363 million chip-enabled
Visa cards in the U.S.
Although EMV technology is designed to prevent fraud, the switch to chip-enabled
credit cards will cause fraud to increase in the short term.
Samsung Pay's wide acceptance and security are a perfect fit for the chip-enabled
People's United MasterCard debit card, which also includes a cash back Prewards program, identity theft alerts, and price protection for qualifying purchases.'
Other highlights included the introduction of chip-enabled
debit and credit cards for members, promising greater security and reduced risk of card fraud.
The Index also gauged small business owners' attitudes about EMV chip-enabled
debit and credit cards.
Synopsis: About half (48%) of small-business owners who accept credit cards now have chip-enabled
systems in place, up from 31% before new rules went into effect in October.
Unlike credit cards using a magnetic strip to store payment processing information that does not change, chip-enabled
cards are difficult to counterfeit.