Chip Cards
Greater Visa Credit and Visa Debit cards now feature the improved security of a microchip.
What is a Chip Card?
A chip card has an embedded security microchip. The chip is a small metallic square on the left hand side of the card above the card number. The microchip stores the same personal data (cardholder name, card number and expiry date) as the magnetic stripe however the data is stored within a more secure format within the chip.
Benefits of Chip Cards
Chip technology is fast becoming global standard for card security. In Europe and Asia it is already being widely used and has proven effective in preventing fraud.
Chip cards can store encrypted confidential information which significantly helps to protect the card against counterfeit and skimming fraud.
How do I use a Chip card?
There is a slight change to the payment process when using a chip card in a chip enabled terminal. You will notice that the merchant will ask you to insert your card into the terminal for the duration of the transaction instead of swiping the magnetic strip. The cardholder then has the option of signing the receipt or entering the PIN to verify the transaction.
Do Chip Cards work in the ATM?
Yes, you will be able to operate the ATM as usual.
Why do Chip Cards still have a magnetic strip?
Chip cards still retain a magnetic stripe as in both the Australian and global markets some payment terminals i.e. EFTPOS terminals still have not been upgraded to chip technology.
I am travelling overseas, what should I do?
If you are travelling overseas, we strongly recommend that you have a PIN on your chip card.
Many countries have recently migrated to chip and PIN technology and you can use your card wherever Visa cards are accepted, however some countries may require transactions to be completed with a PIN instead of a signature. This is why we strongly recommend you have a PIN on your chip Visa Debit or Credit Card. If you do not already have a PIN on your card you will need to contact us.
