Chip Technology

What is Chip Technology?

We have always been committed to providing you with the highest level of security for your credit and debit card transactions. Therefore, we will be integrating the added protection of chip technology into our CUETS MasterCard credit cards, Member Card debit cards, Global Payment/ChequeWise cards and Automated Teller Machines (ATMs) over the next couple of years.

A chip card, or “smart card”, is a card product containing an embedded microchip. It’s like having a personal computer right on your card that is capable of performing a variety of functions, including card authentication, Personal Identification Number (PIN) verification, and storage of payment information, all in a highly secure environment. The encrypted microchip is very difficult for unauthorized users to counterfeit, which makes the already safe payment system even safer and more secure.

The conversion to chip technology will take several years to complete as it includes changes to infrastructure, such as merchant terminals and ATMs, as well as the cards themselves. We are currently in the process of converting our ATM network and CUETS MasterCard credit cards to chip technology. Member Card debit cards and Global Payment/ChequeWise cards will be converted to chip cards in the near future.
Chip technology is already widely used throughout the world. However, since some countries have not yet converted to chip technology, all our credit and debit cards will continue to have a magnetic stripe on them to ensure that cards are accepted worldwide. The magnetic stripe remains a secure method of payment for use at terminals that are not chip-enabled.

To learn more about how chip technology will increase the security of your debit card and credit card transactions you can visit the Interac website.

How to Use a Chip Card
Chip MasterCard Credit Cards
Chip Debit Cards
Chip Card FAQs