EMV is an acronym that represents the three original organizations that created a technical standard for smart payment cards, terminals and those devices which accept smart payment cards; Europay, MasterCard and Visa.
The usage of EMV payment cards has existed since 1993 and has been adopted as a standard security measure in credit and debit cards in Canada, Europe, Australia, New Zealand, Asia and the USA today. Cardholder data is stored on the chip component of the card and can provide owners an extra level of security of their personal information. In addition, Chip cards help protect in-store payments by generating a unique, one-time code needed for the transaction to be approved. This feature makes it virtually impossible to counterfeit cards, helping to eliminate in-store fraud.
Verifone works with its payments Partners to meet the most current EMV requirements set by the primary credit card issuing entities. Verifone has been deploying EMV solutions for international merchants since 1995 in the UK , Canada, Australia, and are currently deploying for merchants in the US. Verifone has successfully completed over 100 EMV projects for its merchants with that list continually growing.
To read more about EMV in the payments’ space, please visit our EMV Library for relevant articles and industry write-ups.