What is EMV?

EMV stands for Europay, MasterCard, and Visa, a global standard for the operation of integrated circuit or "chip" cards.

How does EMV Work?

  • In an EMV "chip" card, the consumer's payment application resides in a secure chip embedded in the plastic card. These are called chip cards or smart cards.
  • The chip stores information securely and can perform processing.
  • In order to complete a payment, the chip in the card must connect to a chip reader in a terminal. This can be done either by entering the card into a slot in the terminal, or by holding the card close to a contactless reader.

Why EMV?

  • EMV is designed to significantly improve the security for consumer payments by reducing fraudulent payments that result from counterfeit and lost or stolen cards.
  • Visa and Mastercard have announced that a Fraud Liability Shift will occur on October 1, 2015. Read more about the liability shift here.

When are chip cards coming out?

  • Chip cards are already being issued in the United States. This started in 2014.
  • An estimated 1.24 billion EMV cards exist worldwide.