EMV Definition

Merchant Account EMV Explained:

What is EMV? EMV, short for Europay, MasterCard, and Visa, is a set of standards governing card authentication technology that utilizes a chip embedded in a credit card rather than a magnetic strip. Also referred to as “chip and PIN” or “IC” (integrated circuit) cards, EMV technology has been the standard form of card payment across Europe since 2005, and it will be introduced as the new card authentication standard within the US in coming years.

EMV card processing takes place in a slightly different fashion than magnetic strip swipes. With Chip and PIN payment, a customer inserts the end of the card that contains the chip into a reader and enters a PIN in order to authenticate a payment; Chip and Signature payment options also exist in which the customer signs a receipt rather than enters a PIN. EMV technology is perceived as being more secure than magnetic strips, although it has been proven to have some fraud susceptibility.

EMV Switch Video Explanation

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