EMV Chip Card Technology: What is EMV ? EMV is a global standard for credit and debit payment cards based on chip card technology other name of this card is chip cards or IC cards or smart cards this card store their data on integrated circuits in addition to magnetic stripes.
Origin of EMV chip:- The EMV name comes from the card schemes Europay,MasterCard and the Visa the original cards that developed it. These include Cards that must be physically inserted into a reader and contactless cards that can read over very short time using radio frequency identification technology. Payment cards that comply with the EMV standard are often called chip and pin.
Why it is called chip and PIN? Because these transection the PIN entry is required to verify the customer is genuine cardholder. EMV helpful for to enable security features in debit and credit cards.
Difference between EMV and Magnetic Stripe Transactions: Payment data is more secure on a chip enabled payment card than on magnetic stripe card. EMV is advancement to combat fraud and protect sensitive data in the card while data from magnetic stripe card can be easily copied. Chip technology is effective in combating counterfeit fraud with it dynamic authentication capabilities.