![]() ![]() Visa and MasterCard have also developed standards for using EMV cards in devices to support card-not-present transactions over the telephone and Internet. The most widely known chip card implementations of the EMV standard are: This reduces the potential for fraud and minimizes the related expense for retailers, giving them fewer costs to pass on to consumers. Security is enhanced and is passed up and down the commerce chain between card holders and financial institutions. It’s easy to see the benefits of adoption. ĮMV was conceived by the Europay, MasterCard and Visa companies to ensure the security and global interoperability of cards. It is a global standard for inter-operation of “chip cards” (which have replaced the earlier magnetic strip cards), point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions. The system being used is called EMV which stands for Europay, MasterCard, and Visa. A process which we all take for granted as credit card and online purchases have become the norm of modern life. What is going on behind the scenes? What “magic” is taking place as the zillions of bits and bytes communicate with each other and carry your payment request, details and codes across oceans and continents along ultra-high-speed internet lines and channels. Whenever you go into a store or go online to buy something, there are always those few seconds of anticipation after you hand over your credit card or input its details, as you wait for authorization. ![]()
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