What two components does the Navy Cash card utilize for electronic transactions?

The Navy Cash card utilizes a chip and a magnetic strip for electronic transactions, which allows for secure and efficient processing of payments. The chip embedded in the card enhances security by storing encrypted information and generating unique transaction codes, making it difficult for unauthorized users to replicate or manipulate the card's data. This chip technology is critical for ensuring that transactions are completed safely and protects users from fraudulent activities.

The magnetic strip, on the other hand, provides a traditional method of data storage and transaction processing. It contains essential account information that can be read by card readers when swiped. While the magnetic strip is an older technology compared to the chip, it is still widely used and allows for quick access to account data during transactions.

Together, these components enable both enhanced security and compatibility with a wide range of card readers, facilitating seamless transactions within the Navy's cash management system. Other answer choices highlight different technologies or components that do not align with how the Navy Cash card operates, thus distinguishing the correct answer.