Everlink in Canadian EMV trial
06 May 2008 | 1217 views | 0
Source: Everlink Payment Services
Everlink Payment Services, a leading provider of electronic payment services in the Canadian marketplace, has announced its participation with a major financial institution in the Kitchener-Waterloo, Ontario chip technology trial.
This trial of chip cards and terminals is designed to support the adoption of a new payment card technology that provides enhanced security and convenience to merchants and consumers.
Chip technology, widely used in more than 100 countries around the world, features an embedded computer chip that provides increased protection against counterfeit and lost and stolen card fraud. The foundation of chip technology is based on the global technical standard known as "EMV."
"This trial is an important step that will lead to a gradual but steady migration to chip technology expected to take a number of years to completely rollout in Canada," said Mark Ripplinger, president of Everlink. "There are three primary benefits that financial institutions and consumers will realize in adopting chip technology: mitigating fraud, enjoying a greater sense of confidence in the payment infrastructure and the additional functionality that this type of technology will provide. From a network perspective, financial institution brands will also be more preserved since chip cards provide the opportunity to promote a more secure transaction environment."
The cards that were distributed for the trial can also be used anywhere that credit and debit cards are accepted. The magnetic stripe will remain on the back of chip cards and chip-ready point of sale terminals and Automated Banking Machines (ABMs) will continue to recognize both chip and magnetic stripe cards.