Commerce Glossary
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What is EMV?
emv
noun
Is the abbreviation of “Europay, Mastercard and Visa”, and it represents a debit or a credit card that incorporates a smart chip that stores the card’s account data. These cards are also known as EMV cards, chip and pin cards, or EMV smartcards. EMV is a security measure that prevents fraud because chip cards are much harder to duplicate. EMV cards can also be utilized for near-field communication (NFL) mobile payments.
How does the EMV work?
Whenever a customer uses his/her card to make a card-present payment transaction using POS terminals, s/he is required to authenticate and finalize the payment by using a PIN number. EMV cards have a unique computer chip that cryptographs every transaction differently, making EMV a good additional security layer. At the end of 2020, 86% of all chip card-present transactions at a global level (contact and contactless) used EMV chip technology, according to information from American Express, Discover, JCB, Mastercard, UnionPay, and Visa.
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