11 Facts About EMV

EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them.

EMV stands for "Europay, Mastercard, and Visa", the three companies that created the standard.

EMV cards are smart cards, called chip cards, integrated circuit cards, or IC cards, which store their data on integrated circuit chips, in addition to magnetic stripes for backward compatibility.

Payment cards which comply with the EMV standard are often called chip and PIN or chip and signature cards, depending on the authentication methods employed by the card issuer, such as a personal identification number or digital signature.

EMV was designed to allow cards and terminals to be backwardly compatible with these standards.

EMV stands for Europay, Mastercard, and Visa, the three companies that created the standard.

One of the original goals of EMV was to provide for multiple applications on a card: for a credit and debit card application or an e-purse.

The way application selection is prescribed in EMV is a frequent source of interoperability problems between cards and terminals.

Book 1 of the EMV standard devotes 15 pages to describing the application selection process.

EMV defines tag values for all data used in card processing.

EMV stands for "Europay, Mastercard, and Visa", the three companies that created the standard.