Credit cards that work on EMV devices (an acronym of Europay, MasterCard® and Visa®) have a microchip with secure data. EMV is a global standard for payment cards using chip technology to authenticate the card and potentially the cardholder. The goal is to reduce potential fraud at a physical point of sale.
While traditional magnetic-stripe cards can be copied (“skimmed”) relatively easily with inexpensive skimmers, chip technology assigns a dynamic value for each transaction, making cardholder data virtually impossible to skim.
EMV cards and EMV terminals have become the norm across most of Europe. They will soom be the standard in the U.S. The appeal of chip cards for consumers centers on their greater physical control of their card and the increased integrity EMV cards provide. Portable EMV devices are brought to the consumer, who inserts their card into the device to initiate the transaction, in much the same manner as an ATM machine works.
With the card in the possession of the consumer at all times, consumer satisfaction and confidence are both increased. It’s an ideal solution for restaurants, retail and a wide variety of industries. EMV offers protection from the liability of various payment card fraud scenarios when a business processes the payment using an EMV terminal.