US-based retail giant Walmart has launched chip-enabled MasterCard in order to provide more secure payment means for cardholders.
When the cards are used at chip-enabled terminals, the enhanced security features used for authorization help confirm that the card being presented is authentic and make it more difficult to duplicate, increasing protection against counterfeit fraud.
In June, Sam’s Club also introduced a chip-enabled MasterCard. Both these cards prompt customers not to swipe, but to insert and briefly leave the card in the payment terminal, so the card’s embedded chip can be accessed.
The retail giant has installed EMV-capable terminals in stores about eight years ago. These terminals are now activated in more than 4,600 stores, including all Sam’s Club locations. The remaining terminals in the US stores will be activated before the end of the year.
The new chip-enabled cardholders are benefitted with a $5 back on every $500 they spend. They will also save $0.05 per gallon of gas at participating Walmart gas stations and $0.15 during Walmart’s "Great Gas Rollback" promotion that’s running now through 8 September.
The new co-branded card can be used anywhere MasterCard is accepted around the world.