EMV payment solutions are the newest technology to hit the globe, but most people still don’t know what they are. EMV solution stands for Europay, MasterCard, and Visa – a standard that is used in many countries. This blog post will cover six things you should know about this innovative settlement technology!
EMV is the new way to pay
One of the primary things that you should know about EMV is that it is the new way to pay. It is a technology that has been adopted by most countries around the globe. This secure transaction system is used in over 210 countries and regions, including Australia, China, France, Japan, Russia, and Spain. This was created to stop credit card fraud!
It can stop credit card theft
The original reason why these types of payment cards came into play was to put a stop to credit card theft. Before the introduction of this solution, there were instances where people would steal another person’s credit or debit card and rack up debt in their name! These days, it is possible for these types of criminals to use skimming devices, so they can get access to information from cards. This is where EMV payment processing solutions prove to be beneficial. To stop fraudulent activities from happening, cards that use EMV technology have a small microchip that is embedded into them. This makes it nearly impossible for criminals to get access to information and commit credit card theft!
EMV is more secure than ever
The introduction of these new systems initially made people think they were less secure than cards that used magnetic-strip technology. On the contrary, they are more secure. These systems use dynamic data to verify transactions and offer unique payment authentication for each transaction!
This payment solution is simple to use
Not only do these types of solutions provide you with peace of mind when it comes to security, but they also happen to be simple to use. Cards that are enabled with EMV technology have a magnetic strip built into them. This means you can swipe your payment card at any point of sale terminal! But remember that while this technology can protect you from fraud, you should have a PIN, not just a signature.
On the other hand, the merchant needs an upgraded terminal for you to use your chip card payment. This means that not all terminals will be updated or ready to accept chip cards. You should also know that there are two types of EMV solutions: contact and contactless, which means using technologies like Bluetooth, near field communication (NFC) technology.
Contactless payment requires cards with embedded microchips and supporting contactless technology, which means you’ll need an updated terminal capable of reading this type of technology or a mobile wallet app on your device (if available). In this case, you can make payments by holding your smartphone over NFC terminals. On the other hand, contact payment requires cards still with a magnetic stripe and terminals that support this technology.
This technology is the future of paying
For people to continue feeling secure when they make purchases and in-person transactions, payment technology is going to need to evolve. That is why solutions that use EMV technology are the future of paying and payment processing!
You should also know that cards are not the only form of payment with a chip. As long as you have a device, it can be used to make purchases at merchants who accept these transactions by dipping this card into their terminal instead of swiping your card through its slot. Furthermore, there is no need to do anything to your device as all the EMV processing has been embedded in it.
Liability Shift
You should familiarize yourself with the liability shift, which means that you’ll be covered if there’s a fraudulent charge on your payment card, and you didn’t make this purchase. The party that doesn’t support chip-based transactions (the issuer or merchant) will assume responsibility for the charge. Just keep in mind that your card issuer needs to support EMV for it to work at payment terminals.
EMV is the new, safer way to pay. It is a little more inconvenient and requires that you get used to carrying around another card with your PIN on it, but it is worth it for enhanced security in your transactions! The many benefits of this system outweigh the drawbacks by a great deal. If you haven’t already upgraded your credit cards or made sure your bank has enabled chip technology for online transactions, make this an important priority.
