Yup you are correct. The chip acts as a proof of presence and a second factor of...

amckenna on Sept 9, 2014 | parent | context | favorite | on: The Home Depot confirms payment systems breach

Yup you are correct. The chip acts as a proof of presence and a second factor of authentication. It is technically possible to export the cert off of the chip but it would cost several hundred thousand dollars and a lab with a Focused Ion Beam :)