InvestorQ : What are magnetic stripe cards, EMV chip & PIN cards and Contactless NFC cards?
shivani Walawalkar made post

What are magnetic stripe cards, EMV chip & PIN cards and Contactless NFC cards?

Answer
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Nishita Gala answered.
1 year ago


These are all different types of cards that use different technologies to allow customers to pay money for goods and services availed.

Magnetic stripe card and EMV Chip and PIN card: The magnetic stripe card stores card data on the magnetic stripe present on the card while the data in EMV Chip & PIN cards is stored in a chip on the card.

Contactless NFC card: In a contactless NFC card, the card is read by keeping the card near the card reader.

EMV Chip & PIN cards and Contactless NFC cards are considered to be safer when compared to Magnetic Stripe cards.