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EMV Chip Technology’s Industry Impact

What is EMV?

EMV chip technology is becoming the global standard for credit card and debit card payments. Named after its original developers (Europay, MasterCard® and Visa®), this smart chip technology features payment instruments (cards, mobile phones, etc.) with embedded microprocessor chips that store and protect cardholder data. This standard has many names worldwide and may also be referred to as: “chip and PIN” or “chip and signature.”

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Fundamentals of EMV Chip Payments

Commonly used globally in place of a magnetic stripe, EMV chip technology helps to reduce card fraud in a face-to-face card-present environment; provides global interoperability; and enables safer and smarter transactions across contact and contactless channels. EMV implementation was initiated in the U.S. market in 2011 and 2012 when American Express, Discover, MasterCard and Visa announced their roadmaps for supporting an EMV-based payments infrastructure. Acquirer processor readiness mandates to support EMV were established for 2013, with liability shifts for managing fraud risk in a face-to-face environment set for 2015.

The EMV Migration Forum EMV 101 Webinar Recording provides a primer on EMV chip payments for U.S. payments industry participants. The webinar provides comprehensive review of EMV chip payments, including the EMV transaction flow and options for card authentication, cardholder verification and transaction authorization.  EMV chip terminology and processes are introduced to provide a foundational understanding of EMV to support migration planning.

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