What does EMV mean?
EMV is short for Europe, MasterCard, and Visa, the founding company in 1994. EMV uses a smart card to enhance security for making payments and is commonly used to describe a credit card with a smart chip. The EMV standard is a security technology used worldwide for all payments made via credit, debit, and prepaid EMV smart cards.
How Does EMV Technology Work?
EMV chip technology is able to access more payment information than magnetic stripe cards. This new technology allows these cards to hold encrypted data, which helps to prevent fraud in-store settings. Also, this encrypted data is dynamic, meaning it is subject to change.
Whenever EMV chip technology is used for an in-store payment:
- The customer dips the plastic credit card into the chip reader at the point of sale (POS) terminal.
- The EMV chip generates a one-time code that cannot be reused (by anyone else).
These transaction codes ensure that EMV credit cards can’t be compromised even if stolen. If they fall into the wrong hands, fraudulent credit cards can’t generate the proper codes.
Types of EMV Payments Transactions
- Card Transactions with PIN
- Contactless Payments
- Card-Not-Present Payments
Card Transactions with PIN
Most modern payment terminals and Point-of-Selling systems now support chip-based card processing. Since users are required to provide a Personal Identification Number (PIN) for making online transactions, this form of payment processing is safer and more secure. EMV (Europay, Mastercard, and Visa) https://www.edvantis.com/ cards are additionally less prone to fraud because they can’t be slid or taken without authorization.
EMV specifically supported tappable contactless payment processing is the fastest-growing payment choice among customers. Over the last decade, contactless payment volume has increased by 150 per cent and is expected to see double-digit growth throughout this decade. From retail payments to transit ticket purchases, contactless payment use cases are on the rise.
In card-not-present transactions, the cardholder doesn’t provide the physical card to the merchant. Such transactions include mobile payments delivered in the app or on the Internet and payments made using near-field communication (NFC). To ensure → best practice, EMV compliance assumes employing supplementary safety measures like SMS OTPs, in-app validation, or push notifications.
Benefits of EMV Software Development:
EMV technology is at the forefront of payment processing and software development, providing a secure platform for businesses to manage their transactions. With EMV Software Development services, businesses can take advantage of several key benefits.
First, EMV Software Development provides enhanced security features, which are essential for protecting sensitive customer data from theft and fraud. By encrypting all transaction information with an extra layer of authentication, businesses can rest assured that their customer’s data is safe. Additionally, the use of EMV technology also reduces chargebacks due to fraudulent activity by utilizing chip-and-pin cards.
Second, EMV Software Development has enabled businesses to streamline their operations and reduce costs associated with card payments by automating certain processes such as reconciliation and authorization.
EMV Software Development is an important component of the digital payment experience. It allows for secure transactions that are safe and reliable for both merchants and consumers. EMV software development also helps reduce the risk of fraud, as well as enhance user convenience when making payments.