Over the past eight years EMV® (Europay, MasterCard, and Visa) has become the standard for globally interoperable, secure payments. According to EMVCo, there are over 1.55 billion EMV enabled cards worldwide and more than 21 million EMV enabled POS terminals, representing some 45 percent of total cards in circulation and 76 percent of payment terminals, respectively. Ironically, while the U.S. is typically a driver of new technologies in terms of both development and adoption, we are just now preparing for a forthcoming shift to EMV. In fact, EMV is just one of an important - and opportunistic – wave of new technologies entering the marketplace that resellers and developers need to know. Following are the top five (5) informational updates that you should understand about EMV and how it impacts your business.
What is EMV?
EMV is a global standard for debit and credit cards that leverages chip card technology. Unlike traditional magnetic stripe (mag stripe) cards that Americans have been reliant on since the early 70s, EMV cards contain a chip, or embedded microprocessor, in the card providing additional security and more control of ‘offline’ credit and debit transaction approvals. EMV cards are available in contact, contactless, and dual-interface cards (cards that enable both contact and contactless based payments).
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