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You down with EMV, yeah you know me

Jun 09, 2015

As U.S. card issuers start migrating to the new EMV technology, it is important for merchants and consumers alike to know what the technology is, how it works, and how it will affect them. To help break this down, we have compiled a list of important points to help you navigate the world of EMV.

  • EMV stands for Europay, Mastercard, and Visa.

  • EMV cards are also known as “chip and pin” or “chip and signature” cards.

  • The payment action is different with EMV cards. Instead of “swiping” your card you “dip” or “insert” your card, chip first.

  • 86% of cards worldwide are EMV enabled. The U.S. remains the last major market to migrate to this technology.

  • EMV’s superior security lies in the computer chip that is found on all EMV equipped cards. Studies have shown the number of fraudulent transactions goes down by almost 75% with the new EMV technology.

In the U.S, the EMV ecosystem for merchants and consumers will soon become the norm. This means that obtaining an EMV enabled device should be near the top of your list. The sooner you set yourself up, the better protected you will be!