Chip Enabled Card from Visa

Visa has brought out a chip-enabled card to protect its clients from fraud. The clients are already reporting a drop of 18% in fraudulent transactions.

The Visa's chip-enabled card is inserted into a machine which identifies the user as authentic before transacting money. The EMV Card is difficult to misuse.

Visa is working to reduce the time used to read the card in the machine before payment is charged.

It is worth noting that Visa already had the system of verified by Visa which is mandatory in India and is almost foolproof method of protecting the card.

However, Western countries usually do't use Verified by Visa and hence, this chip-enabled system has been brought out by Visa.

Verified by Visa is foolprof but it also makes transactions difficult in order to protect the card from fraudulent use.

It is being hoped that chip-enabled card will be faster to use.