BlockChyp Rolls out Contactless EMV
August 20, 2019
BlockChyp is proud to release its latest version to support Contactless EMV. This version includes JCB, UnionPay, EBT, Pin based Debit and Apple Pay. BlockChyp customers can enable transactions by waving or tapping a terminal. Similar to contact chip cards, they also support cryptographic functions for a more secure transactions than with traditional magnetic-stripe cards.
Contactless EMV is used at levels over 70% over the rest of the planet for decades - it’s proven, trustworthy, and for good reason. If you don’t use EMV for your transactions, fighting chargebacks is essentially impossible and futile task - the liability has been shifted to you - and you’re paying a higher transaction rate for this “privilege”.
EMV deployment in the US has been a flop, the rollout has been stalled by difficult and complex requirements. Originally, merchants were mandated to have completed the transition by 2015. Now, 4 years later and many extensions granted, we saw a mere 53.5% of transactions protected in 2018, up from 41.2% in 2017. A simple look at the data indicates chip-enabled merchants have been enjoying an amazing 80% reduction in fraud! We still are not using EMV correctly. BlockChyp aims to correct that by providing easy , fully integrated contactless and pin based EMV.
To learn more about this latest release watch our lab series video: