MasterCard Canada has declared a six-month extension on the switch to chip-and-PIN-point-of-sale technology, a system that was scheduled to take effect on October 15. MasterCard says they are extending their timeline for this based on Canadian market dynamics and merchant demands. Merchants will now have more time to upgrade their technology.
Chip technology brings additional security to Canadians.
The payment card chip technology refers to the computer chip embedded into the front of credit and debit cards. All cards containing this small computer processor chip come with added memory, logic and a configuration of software applications. Canadian MasterCards will also continue to carry magnetic stripes in order to be compatible at all retailers who have yet to upgrade their payment terminals.
The cards will function as your traditional debit and credit cards with all the current features and capabilities.