EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions.

EMV is a fraud-reducing technology that can help protect issuers, merchants and consumers against losses from the use of counterfeit and lost or stolen payment cards at the point-of-sale. EMV cards are embedded with a microprocessor or smart chip that interacts with the merchant’s point-of-sale device to make sure that the payment card is valid and with the use of a PIN that it belongs to the person using the card. This kind of chip technology adds layers of security against fraud and is virtually impossible to duplicate.[2]

Chip–based EMV payments are coming to the United States[2]

  • 2011, the four major payment brands introduced their road maps for EMV technology and encourage its adoption.
  • April 2013, the first domestic milestone required Card Processors to accept EMV–based payments from Merchants.
  • October 2015 will mark the next major milestone where the fraud liability shift for all point of sale devices (except Automated Fuel Dispensers) will take effect. Liability shifts for Automated Fuel Dispensers begins in 2017.[2]

EMV Terms#

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