What is EMV?
- EMV is a technical standard for smart payment cards and for payment terminals and automated teller machines that can accept them.
- EMV cards are smart cards (also called chip cards or IC cards) which store their data on integrated circuits rather than magnetic stripes.
- American Express
- Discover/Diners Club International
- The US has 50% more fraud then the rest of the world as compared to payment volume.
- Estimated 90% of counterfeit card fraud in the US could be eliminated with EMV deployment.
EMV Benefits for Merchants
- Increases security and fraud protection to reduce card present fraudulent transactions and charge-backs:
- Reduces skimming at the point of sale
- Enables increased PIN use for stronger cardholder verification
- Helps prevent the use of counterfeit, lost and stolen cards
- Improves customer service:
- Enables PIN transactions for both credit and debit cards, reducing time needed to obtain a signature and the need for authorization referrals.
- Supports contactless transactions which are approximately 53% faster than a traditional magnetic stripe card transaction.
- Enables merchants to offer cardholders a secure payment of their choice:
- Meet expectations of cardholders who want more secure payment transactions
- Accept foreign cards that are already EMV enabled
- Drives innovation in emerging consumer technologies:
- Chip-based applications can be embedded into a mobile wallet, enabling consumers to pay via their mobile devices.
- Chip card technology works on the same technology that enables mobile payments at the POS