A global credit-card standard that enables transactions to be authorised and secured through the use of computer chips.

EMV stands for Europay, MasterCard and Visa, which are the three companies that created this standard. It is a more secure type of credit card, and while it looks much the same as an older non-EMV card, it has a metal square on the front, above the card number. This is actually a protective overlay for the chip, which holds the user’s credit card information and transmits this data to payment processors in a way that criminals cannot easily hack and use.

What makes an EMV card more secure?

An EMV card contains a small computer chip that creates a unique code for every new transaction. This means that once one code has been used, it can’t be used again. As a result, a hacker who gains access to the code and tries to use such data for credit card purchases will not be able to complete the transaction.

Practical Application Example

“ When an EMV credit card is used at an EMV-enabled terminal to make a purchase, there’s a slot below the numeric keypad where the card must be ‘dipped’. Once the card has been placed in the slot, the purchaser will need to follow the on-screen prompts to confirm the transaction. Unlike the swipe-and-go motion that applies to older cards using a magnetic strip, EMV cards can take a little longer to process a payment, given that the card must be left in the slot until the transaction is finished. ”