11 Dec

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.

EMV Implementation

  • Visa
  • MasterCard
  • American Express
  • Discover/Diners Club International

EMV Statistics

  • 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

 

Leave a Reply

Your email address will not be published. Required fields are marked *