Definitions for EMV

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  1. EMV

    EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards and IC card capable point of sale terminals and automated teller machines, for authenticating credit and debit card transactions. It is a joint effort initially conceived between Europay, MasterCard and Visa to ensure the security and global interoperability of chip based payment cards. Europay International SA was absorbed into MasterCard in 2002. The standard is now defined and managed by the public corporation EMVCo LLC. JCB joined the organization in December 2004, and American Express joined in February 2009. In May 2013 China UnionPay was announced as its latest member with UnionPay now having an equal 1/5 interest in the standards body along with Visa, MasterCard, American Express and JCB. IC card systems based on the EMV specification are being phased in across the world, under names such as "IC Credit" and "Chip and PIN". The EMV standards define the interaction at the physical, electrical, data and application levels between IC cards and IC card processing devices for financial transactions. There are standards based on ISO/IEC 7816 for contact cards, and standards based on ISO/IEC 14443 for contactless cards.

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"EMV." Definitions.net. STANDS4 LLC, 2014. Web. 24 Oct. 2014. <http://www.definitions.net/definition/EMV>.

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