What does EMV mean for you as a customer?
First and foremost it means that your payments are secure. Your card has an embedded microchip that has capacity to store information in a secure way. Instead of handing over your card to the merchant you “dip” it into the payment terminal and keep it there during the payment process and when the transactions has been approved you enter a four digit number pin on the Pin-Entry Device to confirm the amount. Its simple and secure.
What does EMV stand for?
EMV is a global card standard that Visa, Mastercard, American Express and JCB used to ensure security on contact and contactless payments. The standard is usually referred to as Chip and PIN or Chip Cards. EMV is considered to be the most secure technology available to manage payments in the card industry today. EMVCo, owned by American Express, JCB, MasterCard and Visa, takes care of the testing and approval process, and oversees the procedures for confirming compliance with the EMV standards.
