What type of information will the chip contain?
The chip stores the same type of information that is currently on magnetic stripe cards today. Only payment related information that will allow the debit transaction to be authorized and processed is on the chip, no personal information is included. While the information is the same, since it is stored within the chip, it is virtually impossible to duplicate.
The chip will store the same type of information that is stored on the magnetic stripe today. This includes payment-related information that allows the debit transaction to be authorized and processed; for example, the debit card number or the financial institution code. While the information is the same, it will now be stored within the chip, which is virtually impossible to duplicate because each chip is personalized with data unique to each financial institution.
• INTERAC Association requires financial institutions to store the same type of information on the chip that is currently stored on the magnetic stripe today which is payment related information that will allow the debit transaction to be authorized and processed (e.g., the debit card number or the financial institution code). • While the information is the same, it will now be stored within the chip, which is virtually impossible to duplicate because each chip is personalized with data unique to the financial institution. • The financial institution that issues the card owns the chip containing the data, so you should contact your financial institution directly for more information about your chip card.
