1. What is EMV?
2. Where has EMV been adopted?
The adoption of EMV in USA is now well underway since the liability change in October 2015 whereby whoever had the weakest technology in the payment chain had to bear the cost of a fraudulent transaction.
3. Why are countries migrating to EMV?
4. What are the benefits of EMV?
Mobile and Contactless - Implementing EMV chip technology in the United States will speed up mobile and contactless payments and make them more secure. The devices that accept EMV chip cards are dual contact/contactless devices. By installing these devices to accept EMV, merchants are also readying themselves to accept mobile and contactless payments as well
5. What are my options as a merchant?
6. Why are EMV credit and debit cards and EMV payment transactions secure?
- Card authentication - protecting against counterfeit cards.
- Cardholder verification - authenticating the cardholder and protecting against lost and stolen cards.
- Transaction authorization - using issuer-defined rules to authorize transactions.
- EMV cards store payment information in a secure chip rather than on a magnetic stripe, it is virtually impossible to create a counterfeit EMV card that can be used to conduct an EMV payment transaction successfully.