EMV

What is EMV?

"EMV® is a global standard for credit and debit payment cards based on chip card technology" taking its name from the card schemes Europay, MasterCard, and Visa - the original card schemes that developed it. The standard covers the processing of credit and debit card payments using a card that contains a microprocessor chip. A chip card used in payment transactions is usually a card with a magstripe at the back plus a chip in front which is a self-contained microprocessor.

A chip card can be,

- Contact only

- Contactless only

- Dual-interface, i.e. contact and contactless

Cards used in EMV transactions are basically MSR cards with a chip, which is a self-contained computer.

Important things to know about EMV

October 1, 2015 is the date that liability shift occurs (this date is a risk and liability shift NOT a mandate.

NO FINES will be associated with failure to implement EMV on that date.

After that date, liability shifts to the party that is the least EMV-compliant in a fraudulent transaction.

“Magnetic strip” cards will still be in circulation for some time.
EMV will not prevent data breaches from occurring, but will make it harder for criminals to profit from stolen data