What is the EMV Chip ATM Card? What is the benefit of this?

If you use an ATM card then you need to know that what is EMV Chip ATM Card? Since everyone has just received this news, in such a situation, I have written this post to explain to you so that you can know what is the meaning of the EMV card and what its benefit of it. In today's post you will know that:-

                         What is the EMV Chip ATM Card? What is the benefit of this?

First of all, you need EMV full form which is Europay Mastercard and Visa.

What is EMV Card?

EMV Card is a kind of smart payment card, now your first question is man, what is the meaning of this smart payment card, then before understanding this, know what kind of ATM card used to run before 2019.

Earlier the ATM card used to have a magnetic strap attached to it and all the information of the bank account holder was hidden in the same magnetic strap, now whenever you used to put an ATM card in the ATM, the ATM would read the information from that magnetic strap and then on The work was done

Now imagine that if you somehow steal the information from your magnetic card? In such a situation, without your knowledge, another duplicate atm card will be created, which can lead to banking fraud with you, so some companies together created a new system with new technology.These three companies are EuroPay, Mastercard, and Visa, these three together made a smart payment card which we know as EMV card.

EMV ATM Card means?

This means that the ATM cum Debit Card will have a chip in it, which will be a circuit, which means that there will be an integrated circuit called IC and instead of the magnetic strap that used to have all the details, now in the chip with IC. All the information will be encrypted which will be encrypted with a very complicated algorithm.

Will RuPay card support it?

Yes, the Rupay card which is Indian which has been developed by NPCI will support the EMV system. Along with this, if you have a VISA or Mastercard, it will also support you.

EMV Card advantage?

There is a lot of benefits because when your information will be safe, it will happen that till now you used to hear that ATM fraud used to happen every day, it will be stopped. According to RBI from January 1, 2019, all old magnetic strip ATM cards will stop working. And only a new smart payment card will work, in such a situation, as soon as you meet your bank and get your ATM card changed, SBI has already sent a new card to all its customers for free.