Starting in 2010, Chip or Smart Card technology will be the standard for electronic payment in Canada.

     Jan Fluter of TD Merchant Services says the new debit and credit cards with embedded microchips will make transactions more secure for both cardholders and merchants.  It will also effectively reduce counterfeit card use, lost or stolen cards, and non-receipt fraud.

     Fluter says the card never leaves your hand, and is inserted into the debit machine instead of being swiped.  For Chip credit cards, a PIN number is entered instead of a signature, just like a debit card.

     Many banks and major credit card companies already have the new cards available, and are issuing them to new and existing cardholders.  Merchants are also phasing in new, point-of-sale terminals that accept the new technology.