#Emv credit card terminal verification#EMV technology also supports enhanced cardholder verification methods. EMV also provides interoperability with the global payments infrastructure – consumers with EMV chip payment cards can use their card on any EMV-compatible payment terminal. The biggest benefit of EMV is the reduction in card-present card fraud resulting from counterfeit, lost and stolen cards. Issuers around the world are including chips in bank cards and merchants are moving to EMV-compliant point-of-sale (POS) terminals to increase security and reduce card-present fraud resulting from counterfeit, lost and stolen cards. The Forum has published a variety of resources to assist payments industry stakeholders with EMV migration resources are available on the EMV Connection web site. As of the end of 2015, the Forum estimates that approximately 400 million EMV chip cards have been issued in the U.S., with 675,000 merchant locations accepting EMV chip transactions. The EMV Migration Forum is the cross-industry organization focused to address issues that require broad cooperation and coordination across many constituents in the payments space in order to successfully introduce secure EMV contact and contactless technology in the United States. EMVCo also reports the status of “chip-on-chip” transactions one in three of all card-present transactions undertaken globally between June 2014 and June 2015 used EMV chip technology. EMVCo reported that over 3.4 billion EMV cards were in circulation globally at the end of 2014. EMVCo publishes global statistics on EMV issuance and acceptance. Where has EMV been adopted?įinancial institutions in Europe, Latin America, Asia/Pacific, Canada and the United States are issuing contact or dual-interface EMV chip cards for credit and debit payment (commonly referred to as “chip and PIN”) or migrating to EMV issuance and acceptance. EMVCo is owned by American Express, Discover, JCB, MasterCard, UnionPay, and Visa, and includes other organizations from the payments industry participating as technical and business associates. Today, EMVCo manages, maintains and enhances the specifications. EMV chip cards contain embedded microprocessors that provide strong transaction security features and other application capabilities not possible with traditional magnetic stripe cards. The EMV specifications were developed to define a set of requirements to ensure interoperability between chip-based payment cards and terminals. EMV is an open-standard set of specifications for smart card payments and acceptance devices. EMV is an abbreviation for Europay, Mastercard and Visa, the three organizations that developed the initial specifications.
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