What is EMV in Payment Processing?

November 23, 2022

EMV is a secure payment technology standard used worldwide. The technology is managed by a handful of credit card networks, including Visa, Mastercard, American Express, Discover, and China UnionPay. 

How can I do EMV transactions?

EMV transactions are the ones that use a chip credit card supporting chip-and-pin transactions. Unlike magnetic-stripe cards, chip credit cards are inserted in the credit card terminals to get processed. After the card is inserted inside a terminal, a customer needs to enter a PIN for verification.

How to Accept EMV Chip Cards at Your Business

To start accepting EMV-compliant transactions at your business, you need to have an EMV-enabled credit card terminal. Most modern-day credit card terminals are EMV-enabled.

Does EMV help with security?

EMV makes transactions more secure thanks to the use of credit card chips, which are generally considered the proven way to reduce fraud. EMV transactions use secure point-to-point encryption, meaning that hackers won’t be able to illegally obtain any data since it’s rendered useless after each point-of-sale transaction.

EMV vs NFC: What’s the Difference?

EMV credit cards contain a tiny computer chip, which is way more secure than magstripe cards. Besides, EMV credit cards feature RFID technology that allows customers to tap to pay. NFC credit cards, in their turn, do not need to be inserted into payment readers. Customers simply hover their card over the payment reader to initiate the transaction.

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