EMV

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Related to Chip and Signature: Chip and PIN

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 ?
A crucial element in improving our current system is a migration from our outdated chip and signature payment cards to chip and PIN equipped payment cards.
A study by the council found 25% of those who use chip and signature had problems trying to use these cards, getting embarrassed by holdups, as many shops are simply not aware of how they work.
All banks are obliged to offer chip and signature cards and all shops are obliged to accept them to meet the terms of the 2010 Equality Act - the Payments Council wants to ensure people know these cards are readily available.
A study by the council found 25 per cent of those who use chip and signature had problems trying to use these cards, getting embarrassed by holdups, as many shops are not aware of how they work.
The charity's chief executive, Kate Nash, says: "It is essential that card issuing companies continue to promote the availability of chip and signature cards, and work hard to ensure that retailers are aware that not all customers will be using chip and PIN.
There is also worry that elderly and disabled people have not been told they can get chip and signature cards.
Both in the run up, and even after February 14, cards that have yet to be upgraded, cards from overseas and chip and signature cards for disabled cardholders should always be accepted.
The chip and PIN campaign urged people who needed a chip and signature card to contact their provider as soon as possible.
She added that people who had a disability could request a chip and signature card from their bank, and details of this option were included in all the chip and PIN literature
However, some people with certain disabilities will be issued with a chip and signature card instead.