11/14/2022 0 Comments Emv card stand for![]() Whoever accesses that data gains the sensitive card and cardholder information necessary to make purchases. On older, traditional credit and debit cards, magnetic stripes contain unchanging data. ![]() It’s a small computer chip that sets it apart from the older generation of credit cards. The EMV chip is that small, metallic square you see on new credit and debit cards. For consumers, it means learning a new payment process. These new cards are being sent to credit card holders to improve payment security, making it more difficult for fraudsters to successfully counterfeit cards.įor merchants and financial institutions, the switch to EMV credit card processing means adding new in-store technology and internal processing systems and complying with new liability rules. card issuers have migrated to this new technology to protect consumers and reduce the costs of fraud. In the wake of numerous large-scale data breaches and increasing rates of counterfeit card fraud, U.S. EMV stands for Europay, MasterCard® and VISA®, the three companies that originally created the standard. You can order yours here.EMV chip card technology is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. The Square contactless and chip reader accepts both. NFC technology? Both are more secure ways to pay and to process payments. Customers just hover or tap their card over the payments reader to initiate the transaction. NFC cards are equipped with RFID technology that allows customers to “tap to pay.” NFC credit cards do not need to be inserted into payments reader. EMV credit cards are processed differently than magstripe cards-they’re dipped instead of swiped. Here’s what a contactless payment looks like:ĮMV credit cards contain a tiny computer chip with more sophisticated security features than magstripe cards (they’re encrypted). ![]() So even if fraudsters were somehow able to get in there, the information would be useless to them. The data associated with the cards you have on file is constantly changing. What’s more, contactless payments like Apple Pay contain multiple layers of dynamic encryption. Because Apple Pay works through Touch ID (Apple’s fingerprint technology), things are pretty locked down even if your phone is stolen. The transaction time is really fast - the whole thing takes just seconds. The devices have to be pretty close - a couple inches at the most (that’s where the “near” part of “near field communication” comes in). To trigger an Apple Pay payment, you hold your iPhone 6 or Apple Watch up to an NFC reader. NFC enables mobile payments, which are transactions that require no physical contact between the payments device and the payments reader.Īt the moment, the buzziest example of NFC technology at work is Apple Pay. NFC stands for “near field communication.” Basically, it’s the technology that allows smartphones and other devices (like a payments reader) to communicate with each other when they’re close together. Here’s what an EMV transaction looks like: While magnetic-stripe cards are swiped, chip cards are dipped into an emv credit card reader or credit card machine. Something else to know is that EMV cards are processed differently than magnetic-stripe cards. ![]() Read more about the EMV liability shift in our in-depth guide (linked above) And secondly, the liability shift happened on Octowhich means you could be on the hook for certain types of fraudulent transactions if you don’t have an EMV reader by then. Why? For one, EMV transactions are more secure for both you and your customers. Which is something you’ll want to get soon. ![]() But to process those cards as an EMV transaction, you need an EMV reader. In fact, in December 2015, roughly 53 percent of cards processed on Square Stand were EMV chip cards, up from 12 percent last January. In other countries that have adopted EMV as the standard, counterfeit fraud has dramatically declined.ĮMV cards are steadily making their way into mainstream rotation. EMV cards contain a tiny, dynamic computer chip that talks back and forth with the payments terminal to make sure you’re not a fraudster. We’re switching over to EMV cards (aka chip cards) because they’re leagues more secure than the magnetic-stripe cards we currently carry. ( It’s already the standard throughout most of the world). And here’s why you need to know about it: EMV will soon become the technological standard for credit card processing in the United States. Here’s what EMV means in practice: a transaction between a chip-enabled credit card (as opposed to a magnetic-stripe-only card) and an EMV-enabled payment terminal or ATM. EMV stands for “ Europay, MasterCard, and Visa.” (We know, not a particularly informative acronym). ![]()
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