What is EMV?
EMV (Europay, MasterCard, Visa) is the standard for electronic payment cards with a smart card processor embedded in the card. Among it’s features are:
- Card holder data and payment application are stored on the processors system.
- PIN based or Signature based security.
- Requires EMV Card Reading Hardware.
- Credit Card remains in an EMV reader for the entire duration of the a payment transaction.
What are the Benefits of EMV?
- Because of the smart card processor embedded in the payment card, and the hardware required to read the card, creation of fraudulent cards is much less likely than with other card types.
- PIN based implementations have a far less likelihood of being fraudulent.
- Has about the same speed as a Pin Debit Card.
- Consumer retains possession of the card at all times.
What are the limitations of EMV?
- Does not encrypt personal account data, so it will be up to each POS provider and/or EMV device manufacturer to come up with standards for encryption and retention.
EMV will be required for all card merchants starting in 2015. Please contact the CCS Retail Systems Support Department for more information