EMV cards stand for Europay, MasterCard, and Visa. They are the global standard for cards with computer chips. These new technology helps to protect consumers and reduce the costs of fraud. Now merchants and financial institution are switching to EMV. It is the way of activating new cards and learning new payment process.
These cards do everything that magnetic stripe cards do, but more securely. EMV card needs to be inserted into the terminal and remain there while the transaction is completed, instead of swiping. The new chip cards are used a little differently at the payment terminal. Some cards will require a PIN, and some will require a signature.
Here are some facts about EMV cards-
EMV cards are more secure than traditional cards
They are the small, metallic square which is a computer chip and makes it apart from the new generation of cards. Magnetic stripes on traditional credit and debit cards which store contain unchanging data. These cards have credential information without proper security. In the case of theft, a person can easily access the personal information. But in EMV technology it will make it much harder for criminals to successfully profit from what they steal.
A unique code is always generated by EMV cards that are validated by your bank for each transaction, and the code cannot be re-used. A fraudster couldn’t make a transaction using a fake card with stolen data at an EMV terminal because it wouldn’t be able to generate the proper code.
The unique transaction codes are generated by cryptography. It allows the terminal to authenticate the card. This cryptography is built on private key infrastructure, which means that only a chip card that is personalized with the cardholder’s private key during manufacturing can generate a valid transaction.
An easier international shopping experience
EMV is the global standard for payments. Therefore the consumers will be able to use their cards internationally, and travelers can pay in the U.S. without any barriers.
EMV compatible with contactless and mobile payments
EMV comes in many forms – contact EMV (cards), Contactless EMV (cards), and Mobile EMV (for mobile payments). Implementing EMV chip technology in the United States has helped in speed up mobile and contactless payments and make them more secure, and vice versa. Contact/contactless devices accept EMV chip cards. Merchants are also readying themselves to accept mobile and contactless payments as well, by installing these devices to accept EMV.
If you are an owner of an ATM machine then you can get great discounts on EMV upgrades. An ATM money maker provides 30% off on EMV pricing or an additional $200 off on a new ATM machine if you do over 100 monthly transactions. These are some facts about EMV. Use EMV for secure and safe transactions.