The term EMV stands for Europay, MasterCard and VISA, referring to the main cards used to make payments at Point of Sale terminals (POS), online or via an Automated Teller Machine (ATM). These cards are issued by an individual’s bank and come in the form of either a credit or a debit card.
Europay, MasterCard and VISA – three of the largest credit card companies – combined together in an effort to offer customer enhanced security and global interoperability. Additionally, EMV enabled the process of “offline” credit card approval to be more efficient and fast.
EMV cards pose the same benefits for card holders as a regular chip card, providing a higher level of security in comparison to magnetic strip cards. Along with the enhanced level of security and protection against fraud, EMV cards also feature other security levels such as holograms that need to be visually inspected by a retailer before processing the payment.
Through the usage of PIN codes and other cryptographic algorithms, individuals are able to provide authentication and relevant authorization into the processing terminal and essentially into the retailer’s system. Cryptographic transactions and operations have the tendency to be completed in a less amount of time compared to other online payment transactions. There are less communication delays therefore reducing the transaction processing time.
In order to become a provider of online payment solutions such as credit and debit card payments, it is advised that companies seek the assistance of a professional consultancy firm. By doing do, companies can ensure that the process is completed in a professional and timely manner, and in compliance with the jurisdictional regulations.