EMV


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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 ?
Businesses of all sizes need to think about the potential long-term effects of not installing the more secure EMV system.
EMV has long been lauded as the answer to fraudulent credit cards at the point of sale, and experts say fraud has indeed declined there in countries that have already migrated to EMV.
Here are some tips when making the switch to EMV payment terminals:
EMV cards are embedded with an encrypted computer chip that creates a unique code that changes with each transaction and cannot be used again.
In addition to risk mitigation, issuers who perform their own EMV data preparation benefit from competitive pricing when they select a service bureau.
road map to enable the next generation of electronic payments, with EMV as the foundational technology.
Mr Jim Lee, current Chair of the EMVCo Executive Committee, comments: "Breaking down the one billion deployment figure by region enables us to clearly see the significant growth of EMV card and terminal adoption and the continued acceptance of EMV as the global payment standard worldwide.
GALITT's market leading EMV testing software and transactional systems are the most exhaustive and flexible on the market, with easy-to-use and sophisticated automation capabilities.
In Bahrain, we have started rolling out the EMV chip cards for debit as well as our credit card customers and we look forward to gradually migrating the entire debit and credit card portfolio to EMV chip over the next three months.
EMV chip technology is a key platform for the global payment industry, and this is a significant milestone for Standard Chartered in our overall migration from magnetic stripe cards to EMV chip cards.
Interoperability testing is performed at this new testing environment with EMV compliant terminals, and significantly contributes to smoother deployment and future implementations of J/Smart cards.