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What is Chip and PIN?

Chip-and-PIN refers to the use of a chip-based bankcards and a mandatory PIN entry for credit and debit card payments. The term was was coined in the United Kingdom and is the government-backed initiative to implement the EMV standard for secure payments in the UK. Though people commonly call it chip-and-PIN, the technical term is EMV. It's a global technology specification for payment adopted by MasterCard, Visa, JCB and American Express. It ensures that chip cards work with point-of-sale terminals and ATMs from country to country, to authenticate credit and debit card transactions. The PIN adds another layer of security.

EMV payment cards are used in many areas of the world and contain chips, or tiny computers, that make transactions safer and prevent counterfeit fraud. More than 80 countries globally use EMV chip cards and they are accepted at more than 20 million terminals worldwide. In the United States, American Express, Discover, MasterCard and Visa have all announced roadmaps to move the payments industry to EMV chip cards.

See also, “Can I get an EMV chip card from my bank? Is it possible to request one?

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