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The EMV-based track data stored on the EMV chip does not include the card validation code stored on the magnetic stripe, Billett noted.
Aside from magnetic stripe cards, it also supports ISO 7816 Class A, B and C smart cards, MCU cards with T=0 or T=1 protocol, and most memory cards.
The major credit card issuers had been seeking a technological solution for the problem of 'skimming'--copying the magnetically-encoded data from the magnetic stripe to counterfeit or stolen cards, a practice that enabled criminals to rack up large fraudulent purchases.
For example, Dynamics' Chip And Choice[TM] may be utilized in the 40 percent of Asia Pacific's point-of-sale terminals that are chip enabled, and Dynamics' Electronic Stripe[TM] technology may be utilized in the near 100 percent of Asia Pacific's point-of-sale terminals that have magnetic stripe readers.
Dynamics is very pleased with the growing roster of leading issuers that have endorsed and adopted our next-generation magnetic stripe technology.
In addition, magnetic stripe cards can work with an enormous array of readers.
The Electronic Stripe[TM] can be read at any existing point-of-sale magnetic stripe reader.
By simply upgrading their cards, a large issuer can now upgrade its magnetic stripe infrastructure without upgrading the magnetic stripe infrastructure of its competitors.
Featuring surface acoustic wave technology for precise performance with outstanding clarity, the monitor delivers a highly competitive combination of price, durability and reliability and includes an option for an attachable magnetic stripe reader that is easy to remove for servicing.
PayPass cards include magnetic stripe technology, so the cards can also be used in the traditional manner anywhere MasterCard is accepted around the world.
In addition to magnetic stripe and smart card EMV-based credit and debit transactions, it supports value-added services, such as loyalty programs, gift cards and prepaid services.