It comes with a range of new features and capabilities to improve user experience and facilitate multi-channel payment acceptance.
On-Chip Data Storage –> allows Issuers to store access credentials and large amounts of transaction and usage data on a chip.
Torn Transaction Recovery –> remedies the issue of the terminal and card having different outcomes when a cardholder removes their card or device before the transaction is complete.
Payment Account Reference (PAR) –> acts like a macro reference number, allowing Merchants and Acquirers to link normal and tokenized Primary Account Numbers on the same payment account.
Form Factor Indicator –> With this feature, the chip can identify the type of payment device used so Merchants and Issuers can understand consumer preferences and adjust risk parameters, if needed