EMV is an international standard. It is developed to meet the evolving requirements of the payment industry.
EMV is the acronym of its founders’ members and stands for:
This standard is dedicated to:
- International interoperability (In other words, compliance between chip-based payment cards and terminals.)
- Secure payment transactions
All over the world, EMV specifies interoperability for payment. It means that it ensures compliance between chip-based cards and terminals. It allows control of e-payment transactions and security improvements.
EMV specifications enable the deployment of multi-applicative cards. It means that several applications can fit into one card for example, credit and debit.
The EMV specifications are a great security progress. Cards with magnetic strip are only secured by the owner’s signature. With EMV, cards and terminals must authenticate each other. The security is provided by pin code and cryptographic algorithms.