BBB Business Tip: EMV Chip Cards

Most countries – including Canada and Mexico – have required microchips in credit and debit cards for some time (80 countries so far, with 2.37 billion chip payment cards in use). The United States is catching up; by the end of 2015, 70 percent of credit cards and 40 percent of debit cards in the U.S. will have embedded security chips called EMV (for Europay, MasterCard and Visa). EMV cards will eventually replace magnetic stripe cards completely, and many banks and credit unions are already issuing EMV cards to current account holders.

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