What is EMV?
EMV is a global initiative and set of standards for payment acceptance and chip card transaction processing designed to mitigate the risk of counterfeit card fraud. What does EMV stand for? EMV stands for Europay, MasterCard, Visa and was named after the original card brands that developed the technology used to securely process chip card transactions. What is the goal of EMV The goal of the EMV standard is to safeguard merchants against counterfeit card fraud and to protect cardholders from unauthorized use of lost or stolen cards. Why are the EMV standards and chip cards needed? Chip cards look similar to a traditional bank cards with a magnetic stripe, but also have an embedded microprocessor or chip. When used with an EMV-enabled Point of Sale device, the chip card provides greater protection during the transaction process by generating a unique, one-time security that is validated by the card’s issuing bank before approving the sale.