The Guyana Bank for Trade and Industry (GBTI) has announced that it is now offering its customers a more advanced and secure transaction tool in the form of the EMV (Europay, MasterCard and Visa) chip card, a global standard for credit cards that uses computer chips to both authenticate and secure chip-card transactions.
GBTI has moved forward with this initiative geared towards its Visa Gold and Visa Classic credit cards as well as the Visa Travel Classic pre-paid card.
The introduction of the micro-chip technology carries with it myriad benefits for its users, while reducing the likelihood of fraud, rendering credit card transactions more secure and enhancing the overall customer experience.
An embedded microchip enables secure data storage thereby preventing easy copying or altering. The unique Personal Identification Number (PIN) means that owner can utilize the card and do so securely.
The cards are accepted outside the jurisdiction including in Europe and in the UK.
The sole difference in the use of the chip card technology entails a “dip” of the card in the slot at the bottom of the terminal rather than the “swiping” of the card.
GBTI is requesting that its customers visit the Card Centre at the bank’s Regent Street branch or the most convenient alternative branch to request their replacement cards.
The bank says that it remains mindful of the security concerns of its customers and continues to pursue ways of responding to those concerns.