EMV is the new tech for credit cards – All that you should know about it

It has already been 2 years when the entire nation shifted to EMV. Europay, MasterCard and Visa is what EMV stands for and it is nothing but a global standard for credit cards that are armed with computer chips and the tech that is leveraged to authenticate transactions via chip card. Due to the soaring data breaches and surging rates of credit card identity theft, the American card issuing companies have all shifted to this brand new technology to safeguard the customers and reduce fraud costs.

Such improved credit cards with EMV readers likes the ones offered by SumUp are being employed just to enhance the security of online payments and to make it tougher for the fraudsters to counterfeit cards. So, if you’re new to the idea of EMV chip cards, here are few doubts cleared for you.

EMV cards – How are they more secure than the swipe cards?

There is a small metallic square that you will find on the new cards and this is the computer chip. This chip is what sets apart this new technology behind cards. In the conventional swipe cards, the magnetic stripes contain data that remains unchanged. Anyone who accesses the data will gain the sensitive information which is necessary for making purchases. The swipe cards are the ultimate targets for the counterfeiters who convert card data that’s stolen to cash. EMV credit card technology will prohibit such data breaches and thereby help the card issuing company.

How are EMV cards supposed to be used during a purchase?

Just as magnetic swipe credit cards, EMV cards can be processed for making payments in 2 steps, via a card reader for credit card and transaction verification. These cards are read in a different manner and hence you won’t have to swipe it in any direction. Rather than going to a register and swipe a card, you will do what is called card dipping. Whenever the EMV card is dipped, the data flows via the chip of the card.

Is it needed to sign or enter the PIN for carrying out transactions for the card?

The answer to this is both ‘Yes’ and ‘No’. You’ll require one of the verification methods but it depends on the verification method which is tied to the EMV card. PIN and Chip cards operate like the similar checking account card which you were using for many years now. Whenever you enter the PIN, the PIN connects to the terminal of payment to the payment processor for approval and verification. So, it is most likely that you will require memorizing the new PINs everytime you use the card.

However, the chip and PIN cards have become the current norm in most of the countries which support this new technology called EMV. So, the consumers with chip and sign cards might see few new merchants who are not willing to process the cards, despite having an embedded chip. Despite the difficulties in such transactions, this change is definitely going to bring a positive change to the industry.

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