Chip
The evolution of debit card technology
Interac Association is transitioning to chip — a new generation of payment card technology that will make a safe payment system even more secure.
The new debit cards will contain an embedded microchip that will put the power of a computer onto your card. The microchip will give your debit card the ability to store and process data, providing an additional layer of security against debit card skimming and the production of counterfeit cards.
Chip technology is based on a global standard known as EMV, a proven technology currently in wide use around the world.
Interac chip is rolling out across Canada
Financial institutions are beginning to roll out chip debit cards and terminals across Canada, following a successful market trial that took place in Kitchener-Waterloo, Ontario, in 2008.
Complete transition to chip technology will take several years, given the vast number of terminals and cards that must be upgraded. The timelines for the introduction of chip will vary from one financial institution to another.
Chip offers you enhanced security with every electronic transaction. Here's how:
- A small microchip is embedded in your debit card.
- This microchip can store and process data securely.
- The data on the chip is extremely difficult to copy or change, minimizing the chance of debit card fraud.
Combine PIN protection and chip technology for even better electronic transaction security.
It's the same reliable payment system combined with all new technology
You can use your chip debit card anywhere you use Interac services today. Chip debit cards will still have a magnetic stripe on the back of the card to ensure continued acceptance at locations around the world that haven't yet converted to an upgraded chip terminal.
In addition to providing enhanced security, the chip card also offers a platform for new products and services, such as stored value, small ticket payments, loyalty programs, and much more.
Carrying out a chip transaction
At the point-of-sale (POS) or Automated Banking Machine (ABM):
- Insert your chip debit card into the reader.
- Leave your card in the terminal for the duration of the transaction.
- Simply follow the prompts as usual to complete your transaction.
- Once the transaction is complete, remove your card.
Find out more about the transition to chip
For more information see Frequently Asked Questions
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