Recently received a new credit card that has a microchip on its front? Wondering about the change?
Credit cards with security chips are a part of the new card processing system being adopted by the U.S., whereby the card used by a consumer will have a special microchip that will need to be inserted in a reader rather than swiped at a checkout terminal to close a transaction.
The new credit cards look like any old credit card except that they have a tiny metallic chip on the front. The chip-embedded cards deploy EMV microchips, which is short for Europay, MasterCard and Visa. This system is already in use in several parts of Europe.