Businesses Must Know About EMV
The New Chip Technology
What is EMV?
EMV, commonly referred to as chip technology, is the future of secure bank and credit card transactions in the United States that will greatly reduce the threat of fraud from counterfeit, lost and stolen cards. Basically, EMV is a set of specifications for smart card payments and devices that accept those types of payments. Those specs are then embedded into a microprocessor chip embedded on a bank or credit card. The technology and specifications are widely used in over 80 countries globally as the standard for secure card transactions versus the traditional magnetic swipe card in the U.S., which has been plagued with security issues for years. EMV also provides interoperability within the global payments infrastructure and EMV-compatible terminals making it easier for U.S. issued cards to use for secure transactions worldwide.
When will EMV be Adopted in the United States?
As mentioned earlier, EMV standards have been in use worldwide for several years. Major card issuers, including American Express, Discover, MasterCard and VISA have announced their movement to EMV cards within the U.S. by October 2015. This will greatly increase cardholder protection against fraud and the compromising of data for most U.S. cardholders. For a list of United States credit and debit card issuers who have announced plans to issue EMV payment cards, visit http://www.emv-connection.com/u-s-emv-issuers/. It is important to note that introducing this particular technology into