EMV® is a global standard for credit and debit payment cards based on chip card technology” taking its name from the card schemes Europay, MasterCard, and Visa – the original card schemes that developed it. The standard covers the processing of credit and debit card payments using a card that contains a microprocessor chip.
EMV vs. Magnetic Stripe Transactions
Unlike magnetic stripe transactions, where typically only the card’s track 2 data containing the card number and expiry date is processed, every chip card transaction contain dozens of pieces of information to be exchanged between the card, the terminal and the acquiring bank or processors host.
This requires the terminal to perform many stages of complex processing, including cryptographic authentication, to successfully complete a transaction. This means that adding support for EMV to existing payment applications can be a daunting task.
What Is The Benefits of EMV® Chip Card ?
Security:Reduce the risk of fraud with more secure EMV technology .
Compliance:Become compliant now to avoid any liability issues in the future .
Ease of Use:All-in-one EMV ready terminals that do not require additional peripherals .Simply insert the card into the EMV slot and process by following terminal prompts
Innovation:Accept the newest trending payment type to generate revenue and entice more customers