Chip based debit and credit cards have replaced magnetic ones now. If you still have the old debit/credit cards, remind you they will not work now. Chip-based cards have been made mandatory in India from January 1, 2019.
EMV cards, the smart payment cards denotes the developers of the chip- Europay, Mastercard, and Visa. These chips are actual computer chip placed on the top part of a credit card to communicate with terminals. These chips allow a much more intricate and secure transaction process to occur. These chips will create dynamic data every time a user would make a transaction using them. Banks are also sending messages to their customers regarding the upgraded security features of ATM.
- ATM machines latches on to the card-in other words pins it down and holds it while the transaction is underway to prevent its users from removing the card and disrupting the transaction.
- The user is not supposed to remove the card while it latched on. If you try to remove the card, you will see that you need to apply some force because something is clamping down on the card.
- You will able to snatch the card, but the process may damage the card, particularly the chip portion of the debit/credit card.
- When the transaction is on, the ATM machine will show a RED LED light blinking in the card slot. This may depend on ATM to ATM. some may have it and others may not.
- After finishing the transaction is complete, the LED light turns GREEN.