Learn More About EMV
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EMV Implementation Tools for Success
Monday, August 19, 2013 3:00-4:00 pm EST
WHAT IS EMV?
EMV, an acronym of Europay International, MasterCard and Visa, joined in 1994 to provide a worldwide standard for the interaction between chip-based "smart cards" and approved payment devices.
It is a security framework that defines the payment interaction at the physical, electrical, data and application levels between the chip cards and the payment device. Also known as "Chip and PIN" in the U.K., it's the name for the technology that enables payments using a smart card with a chip inside of it.
HOW DOES IT WORK?
Smart cards are embedded with a chip that is encrypted with data. EMV-enabled devices have the ability to read data stored on a chip within the card. During the transaction authorization process, strong cryptographic functions are used to validate the authenticity of the card and cardholder.
Best of all, when a customer pays using an EMV-enabled device, the device is instantly identified as an authentic, approved payment instrument through a process called dynamic authentication. When used with a PIN, the chip proves that the customer is paying with his or her own card.
By using chips as an active part of the payment transaction, EMV cards and devices help prevent credit card fraud from stolen account numbers and cloned payment cards.