neighbors, Canada and Mexico, have EMV mandates effecting U.S. EMV has become the world-wide standard and both U.S. The EMV standards define the interaction at the physical, electrical, data and application levels between IC cards and IC card processing devices for financial transactions. EMV transactions introduce dynamic data specific to the card and the transaction, with the goal of devaluing transaction data in flight and reducing the risk of counterfeit fraud.
IC card systems based on the EMV specification are being phased in across the world, under names such as "IC Credit" and "Chip and PIN". In May 2013 China UnionPay was announced as its latest member with UnionPay now having an equal 1/5 interest in the standards body along with Visa, MasterCard, American Express and JCB. JCB joined the organization in December 2004, and American Express joined in February 2009. Merchant Responsibilities The recent liability shift from credit card companies to merchants, that came with the transition to new EMV or chip and pin cards, has had an impact on every merchant’s POS practices within the merchant services industry. ATM/Debit Card and Prepaid/Cash Card) should now be EMV chip. EMV cards are smart cards, also called chip cards, integrated circuit cards. All CTBC Bank issued magstripe/non-EMV cards will be deactivated. EMV originally stood for ' E uropay, M astercard, and V isa ', the three companies that created the standard. The standard is now defined and managed by the public corporation EMVCo LLC. ATM Card can be in Smart Card (contact & contactless card / chip based card) or magnetic stripes, depending on the bank requirement. Below are a few helpful tips to guide you in your responsibilities as a merchant when accepting non-EMV credit cards at your place of business. EMV is a payment method based upon a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. Europay International SA was absorbed into MasterCard in 2002. It is a joint effort initially conceived between Europay, MasterCard and Visa to ensure the security and global interoperability of chip based payment cards. As such, non-compliance with EMV chip technology became more expensive than upgrading.
Freebase (5.00 / 1 vote) Rate this definition:ĮMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards and IC card capable point of sale terminals and automated teller machines, for authenticating credit and debit card transactions. EMV chip cards are more secure than their magstripe counterparts.