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 ?
0) specification, which builds upon the standards set forth in EMV '96 with improved performance and other enhancements.
SAN FRANCISCO/NEW YORK/WATERLOO--(BUSINESS WIRE)--July 16, 1996--Europay International, MasterCard International and Visa International (EMV) today announced the updated version of the joint specifications for Integrated Circuit Cards (ICC) for Payment Systems, EMV '96.
EMV '96 includes new information regarding dynamic data authentication and terminal software architecture.
The EMV '96 release marks the culmination of a two-and-a-half year joint effort by the three payment organizations, resulting in the industry's first global chip card payment infrastructure.