Updated on November 22, 2021
What does Europay MasterCard Visa (EMV) stand for? Europay, MasterCard, Visa. These payment partners were involved in creating the new standard. What is the difference between a mag-stripe card and Europay MasterCard Visa card? Europay MasterCard Visa cards contain an additional embedded chip used to transmit data.
What does the chip do?
The chip creates a unique buffer with a token for each transaction and can only be used once. This makes the chip card a more secure card and problematic for hackers trying to counterfeit.
How do customers use the card?
The consumer inserts the card into a terminal and enters a PIN number. Once the PIN is entered the transaction is complete.
What is the driving force for PIN and chip?
Universal global acceptance and international travelers
How long has chip and PIN been used and where?
Chip and PIN has been used in Europe and internationally since the 1990s and U.S. is now adopting
What is the purpose of chip-enabled cards?
Increase security, reduce fraud and create universal standards.
What is the liability shift for EMV?
Starting in October 2015, if a fraudulent transaction occurs, merchants will be held liable for processing a non-transaction.
What happens if your customers don’t have a chip-enabled card?
Card issuing banks are responsible for ensuring cardholders have been sent chip-enabled cards and failure to do so will result in the card issuer being held liable.
How do you comply with the new EMV standard?
Merchants must have an EMV -ready terminal equipped to accept and process chip-enabled cards.
How successful has the EMV program been internationally?
The U.K. implementation has decreased fraud by 80% since 2007.
