Emv compatability
EMV is a global standard developed in 1994 for credit cards, which uses computer chips to authenticate and secure chip card transactions. This technology has significantly changed the U.S. payments industry as the chip performs functions that validate, store and encrypt data.
Today’s chip card technology standard is managed by EMVCo. Chip cards are for card-present transactions and have four main functions:
- Card authentication to protect against counterfeit cards
- Cardholder verification to protect against lost/stolen cards
- Terminal authentication to prevent hacking
- Transaction authorization to manage issuer-defined rules
Businesses are encouraged to implement EMV terminals that support point-to-point encryption and descope the POS. The reduction in PCI (Payment Card Industry) compliance costs will quickly result in a positive return on investment. And the combination of EMV, P2PE (Point to Point Encryption) and Tokenization offers peace of mind to financial, security and operational executives, allowing them to focus on initiatives that drive their business forward, knowing that card data won’t be compromised.