Moneris Solutions Corporation today announced the company has successfully demonstrated Canada’s first full data EMV chip transaction under Visa Canada’s Chip Migration Program – setting the stage for merchants to migrate to chip-based payment platforms.

Chip technology will result in PIN authentication replacing a customer’s signature to verify the credit cardholder at the point-of-sale.

With chip and PIN, consumers will no longer swipe their credit cards but insert them instead. Once the card is inserted into a chip reader slot located on the payment-processing terminal, the cardholder will be required to enter their PIN number to complete the transaction.

EMV is the global standard adopted by the major credit card associations — Europay, MasterCard and Visa — for electronic financial transactions.

Moneris is Canada’s largest processor of credit and debit card transactions and is the first acquirer to receive certification by Visa Canada to process and settle chip transactions.

Using a VISA chip card, Moneris president and CEO Jim Baumgartner carried out the transaction today in Toronto, Ontario.

“”’m pleased to report that Moneris Solutions is ready for Canada’s migration to chip,” said Baumgartner. “The move to chip is truly a major evolution in the way businesses will accept payments from their customers, and Moneris is proud to be Canada’s first payment provider to receive Visa’s chip certification.”

“Visa has taken a leadership role in bringing chip technology to the Canadian marketplace and we’re delighted with the progress and leadership Moneris has demonstrated to bring this advanced technology to Canadian merchants,” said Derek Fry, president, Visa Canada. “Chip technology will ensure the future integrity of electronic payments providing cardholders and merchants with significant benefits, enhanced security, and greater piece of mind.”