MasterCard member banks added an EMV chip to 40% of the 200 million MasterCard, Maestro and Cirrus-branded smart cards issued around the world. To service them, 1.5 million EMV-enabled terminals were operating in the third quarter of 2004, 85% more than in 2003. This increase represents the approach to critical mass, according to MasterCard.

 

MasterCard’s M/Chip smart card application can be used for innovations like pre-authorized debit account that allows cardholders to add cash to the card for offline spending until the card counter points to the need for a top-up of the funds. M/Chip 4 cards are part of the MasterCard’s Chip Authentication Program that allows beefing up security of online payments made through MasterCard’s SecureCode solution.