EMV Chip/Pin Update
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?
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.
What is the current status of the EMV roll-out in the U.S.?
As of the end of the first quarter of 2015, many financial institutions are starting to mail out the new EMV cards to their customer base.
With the industry goal currently being that all Retail merchants should be able to start supporting the full feature use of EMV Chip/Pin cards there is some rush to both compliant hardware and software in place on time. While some retailers started rolling out hardware changes in lat 2014, many have opted to wait. However, this wait has resulted in pent-up demand has creating some backlogs on getting compliant Pin Pads ordered and installed. This means that if you want this equipment in place by the last quarter of 2015, you need to be placing your equipment orders in now.
If you need assistant with ordering the necessary software and/or hardware updates, please contact the CCS Sales Department.