yes it is......it is a simple new thing but its Q is for 6 marks i guess
u better check it::
the whole process::
1. insert the chip in the pin
2. write the original password
3. the pin will create a temporary password to be used one time only for a very short period of time
4. the temporary password will be written on the chip
5. give the chip to the cashier
6. he will put the card (with the chip) into a chip reader
7. the chip reader reads that there is a valid password
8. if it is valid it will contact the bank
9. the bank will check if the password is correct, if the card is report stolen.....and all the other routine checks
10. if its all alright....money will be transferred from the customers account to the market's account
11. the password is no invalid
this is pretty much it, hope i could help
