In the UK, EMV cards were mandated back in 2004, and ten years later, EMV is finally being rolled out in the US. These initials stand for Europay, MasterCard and Visa. But what exactly is this technology?
- "Chip and PIN" is the brand name adopted in the UK and Ireland by the banking industries for the rollout of the EMV smart card payment system for credit, debit and ATM cards.
- "Chip" refers to a “computer chip” embedded in the card, which would replace the magnetic stripe. This chip would contain the user’s personal information.
- "PIN" refers to the personal identification number that must be supplied by the customer, and this number would be used to consummate transactions, but would not be stored in the chip.
- EMV makes in-person (card-present) transactions more secure and makes card-not-present transactions more open to fraud because the security features of the chip and the PIN cannot be used in remote transactions.
Stay tuned to learn more about EMV in our next blog post and why it is so important.
Our Cardinal Team can help answer any questions you may have to help you get ready for the EMV mandates in the US now through 2015. We can FutureProof your business with One Connection, so contact us at email@example.com or on our website at www.cardinalcommerce.com