What is a Chip & PIN card?
The next generation payment card, a Chip & PIN card (also referred to as a “smart card”) is a credit or debit card that contains an embedded computer chip. The Chip & PIN card is inserted into a “chip” slot on the handheld pin pad and just like current debit cards, cardholders will have to enter a Personal Identification Number (PIN) in order to use the card. The computer chip makes cards more difficult to copy, reducing counterfeit fraud and making a secure payment system even more secure. The card issuing banks will be working hard to ensure that all customers in Canada are equipped with Chip & PIN cards.
