What does the chip card do?

Not a completely ubiquitous concept yet, but here are the benefits of a chip card.

A standard size credit/debit card which has a microchip as well as a traditional magnetic strip. The chip encrypts information to increase data security when making transactions at stores, terminals, or an ATM. Basically, it is to promote and ensure credit cards security. This endeavor hopes to ensure security and worldwide acceptance of Mastercard and Visa Cards and expand their use everywhere.

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