EMV

(redirected from Chip and PIN)
Also found in: Dictionary, Wikipedia.

EMV

(Europay, MasterCard and Visa) The international standard for smart credit and debit cards that have a built-in microprocessor (chip cards). Governed by EMVCo LLC. (www.emv-usa.com), the EMV smart card provides greater safety than a magnetic stripe card because it uses more sophisticated security methods. EMV supports encryption as well as tokenization, which dynamically assigns a number to the transaction in order to hide the customer's card number (primary account number).

Authorization Methods
When making a purchase, Chip and PIN systems require card holders to enter their personal identification number (PIN) into the merchant's terminal. Chip and Signature requires a user's written signature. See smart card and gold chipped supercomputer.
References in periodicals archive ?
Chip and pin - Personal Identification Number - technology was first developed in the late 1970s and invented by Frenchman Roland Moreno.
Figures from APACS - the UK payments association - show that 185 chip and pin transactions now take place every second.
This figure rose to 69% among females and to 87% among those who said they had not welcomed the introduction of chip and PIN.
Since the formal roll-out of Chip and PIN in the UK on February 14, consumers now use their PIN in 99.
The Chip and PIN Programme said the introduction of the new cards had helped to reduce fraud on lost stolen and counterfeit cards by nearly a third during the first six months of this year to pounds 89.
Spokesman Sandra Quinn said: "This is the final phase of the successful Chip and Pin roll out.
The Chip and Pin Programme said it had reached all its 2004 roll out targets for upgrading card holders and businesses to the new system.
He said: "From January 1, 2005, fraud committed using a Chip and PIN enabled card becomes the financial responsibility of the shop, not the bank, if the technology is not available.
banks are not recognized by the Chip and PIN system, so a signature is required for purchases.
Banks and credit card companies have now issued 130 million chip and PIN cards, making up 92 per cent of the 141 million cards currently in circulation.
Payments group Apacs have claimed lost and stolen card fraud is down almost 30% already since the introduction of chip and PIN in the UK.
However, research released last month by the Chip and PIN Programme found that only 80% of tills in the UK had been upgraded to chip and PIN.