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Mithilesh Kushwaha
05/05/2016 12:12 PM

EMV(euro pay, master card, visa card)

hey guys can u explain what is emv??? please
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05/05/2016 23:48:04
CHIP-ENABLED CARD ACCEPTANCE (EMV)==> EMV chip technology is becoming the global standard for credit card and debit card payments. a)chip-and-PIN, b)chip-and-signature, c)chip-and-choice, these above are generally called as chip technology. What is chip technology? ==> Chip technology is an evolution in our payment system that will help increase security, reduce card-present fraud and enable the use of future value-added applications. Chip-enabled cards are standard bank cards that are embedded with a micro computer chip. Some may require a PIN instead of a signature to complete the transaction process. EMV Vs traditional magnetic stripe card payment?==> Payment data is more secure on a chip-enabled payment card than on a magnetic stripe (magstripe) card, as the former supports dynamic authentication, while the latter does not (the data is static). Consequently, data from a traditional magstripe card can be easily copied (skimmed) with a simple and inexpensive card reading device enabling criminals to reproduce counterfeit cards for use in both the retail and the CNP environment. Chip (EMV) technology is effective in combating counterfeit fraud with its dynamic authentication capabilities (dynamic values existing within the chip itself that, when verified by the point-of-sale device, ensure the authenticity of the card). About EMVCo==> EMVCo is jointly owned by American Express, Discover, JCB, MasterCard, UnionPay and Visa. It manages, maintains and enhances the EMV Specifications to ensure global interoperability of chip cards with acceptance devices such as point of sale terminals and ATMs. Hope this should be helpful.

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