A transceiver system includes a first semiconductor device having a first input/output (I/O) pad connected with an I/O channel and a second semiconductor device having a second I/O pad connected with the I/O channel. The first semiconductor device is configured to terminate the first I/O pad with a first voltage when data is received, and maintain the first I/O pad and the I/O channel at the first voltage when data is transmitted. The second semiconductor device is configured to terminate the second I/O pad with a second voltage higher than the first voltage when data is received, and maintain the second I/O pad and the I/O channel at the second voltage when data is transmitted.