What Is EMV And How Does It Make Merchants Compliant?
EMV stands for Europay, MasterCard and Visa. EMV technology is currently the global standard for payment processing with credit cards and debit cards. The United States is one of the last countries to migrate to EMV.
Visa, American Express, MasterCard and Discover have all announced their plans for moving to an EMV-Based payments infrastructure in the United States.
Currently, a cardholder’s information is stored on a magnetic stripe found on the back of the card. With EMV technology however, cardholder information, and more, is stored in a chip which is embedded on the front of the card.
EMV Chip Cards contain embedded microprocessors that provide robust transaction security features and other application capabilities not possible with current magnetic stripe cards. Plus, EMV Chip Technology helps to reduce card fraud in a card-present environment and enables safer and smarter transaction solutions.
Most of all, it means greater protection against fraud. Approximately 120 million Americans have already received an EMV Chip Card and that number is projected to reach nearly 800 million by the end of 2016.