An EMV Chip card contains a microprocessor chip that stores the personal information of the accountholder and communicates to the computer when you make a purchase through your card.

There are two types of EMV cards available; they are chip-and-PIN and chip-and-signature. The former requires PIN number that will help in further verifying a transaction. This is more effective when compared to chip-and-signature where it only need a signature and is considered to be less effective against lost or stolen cards.

3 The Countless Cards:

The countless cards is also called as the proximity card. It is a smart card which can be "read" without being inserted in the reader device, unlike any other magnetic stripe cards such as credit cards.

These countless cards are usually held in near an electronic reader unit for a moment, the machine usually produces a beep to indicate that the machine is reading the card.

However, these cards can hold more data than a magnetic stripe card and can be used for various contactless payment systems. Many major banks are offering such cards to protect against fraud.

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