![]() ![]() The name EMV comes from the letters of the three founding organisations Europay, MasterCard and Visa. So EMVCo is the company that manages, maintains and enhances the new EMV® Integrated Circuit Card Specifications for chip-based payment cards and acceptance devices, including point of sale (POS) terminals and ATMs. IC card systems based on the EMV specification are being phased in across the world, under names such as “IC Credit” and “Chip and PIN". The EMVCo members MasterCard, Visa, JCB, American Express, China UnionPay, and Discover have an equal 1/6 interest in the standards body. Discover joined the organisation in September 2013, while China UnionPay was named as a member in May 2013. American Express joined the group in February 2009, while JCB (previously Japan Credit Bureau) joined in December 2004. The public corporation EMVco LLC now defines and oversees the standard. In 2002, MasterCard absorbed Europay International SA. What is EMV Card Technology about?ĮMV stands for Europay, Mastercard and Visa, is 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.ĮMV is a collaborative initiative that was initially created by Visa, MasterCard, and Europay to guarantee the security and universal compatibility of chip-based payment cards. Although it is commonly used in Asia and Europe, it hasn't yet gained much traction in the United States. Your credit card or debit card information is much more difficult to skim, hack, or steal thanks to the security technology known as EMV. ![]() Standards in Canada are also referred to as " Chip & PIN." The " EMV" standards call for the use of payment cards with embedded computer chips, updated card readers that can read the chip, and PIN entry whenever the card is used. A few years later, they established the business EMVco to produce a set of standards for payment processing. Apple Pay alone is set to handle 10% of all card transactions by 2025, so getting set up to accept now it is a smart move.In order to explore strategies to combat credit and debit card fraud, Europay, MasterCard International, and Visa International established a study group in 1993. ![]() ![]() Instead, they can simply tap their phone to your payment pad and make a completely secure transaction with a quick thumbprint scan. These digital wallets enable customers to enter all of their card information into their smartphones, eliminating the need for them to pull out their actual wallet to dig out a card at all. That’s especially important in a post-COVID world, where customers are extremely conscientious about hygiene, and contactless payment is preferred – something only available with EMV payment hardware.ĮMV-enabled payment terminals also automatically give your customers the ability to pay with some of the most popular mobile digital wallets available today, including Apple Pay, Google Pay, Samsung Pay, and more. Offering EMV payments ensures customers making card payments have every option available to them – tap, insert, and, if needed, swipe. Today’s consumers are largely driven by convenience, and failing to offer them the fast, easy payment methods they want is a surefire way to degrade their overall shopping experience in your store. ![]()
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