According to visa`s recent survey, more than 140 million cards with the new chip technology have hit American consumer mailboxes, more than any country in the world.
The goal is to make your shopping experience more secure, but where will you see it and how will it work?
Bob Yarbough has more.
The new debit and credit card chip technology conversion is officially underway in the united states - launching in the U.S. October first, and in the next few years, consumers will have a slightly different payment experience.
Visa`s Stephanie Eriksen explains.
Rather than swiping the manustrip on the back of card, as more and more terminals are able to read the chip, they will be inserting the chip end of th terminal so that the card can generate a unique one-time code.
This one-time code is expected to help prevent fraud and debit card duplication.
That code cannot be counterfeited, which is roughly two-thirds of the fraud we see in stores today. so as we move to more and more transactions being chip enabled, we are going to have even greater security over the payment system.
Although more than 140 million cards have been distributed in the u.s. so far, eriksen says it could take up to 7 years for 90 percent or more of consumers and merchant locations to adopt this new payment method.
But in the meantime, folks can still use the old swipe method.
Consumers can keep using their magnetic strip on the back of their card or even if their card has a chip on it they can use the magnetic strip and most issuers are going to be replacing the cards that consumers have in their wallets, with a chip card in their wallet when their current card expires.
Visit visachip.com for more information.