The name EMV is a common term, majorly thrown around in bank halls and malls. A technology enthusiast might have a slight idea of what the term means. But even the little they know isn’t what EMV is all about. To give a comprehensive answer to all these concerns, it is essential to address the most common EMV related questions.
What is EMV Software?
EMV (EuroPay, MasterCard, Visa) Software Solutions is a smart chip technology that has become the standard procedure for processing debit and credit cards. All the payment methods like credit and debit cards and mobile phones use the EMV technology to store and protect cardholder data. The cards have fixed microprocessor chips that store all the information and data.Â
The EMV payment interfaces come in various types, with the chip-and-PIN and chip-signature the most common. In most countries, cardholders are only required to enter their PINs to complete the payment processes.Â
Benefits of Using EMV Software The traditional credit and debit cards do not generate a unique code for every purchase a customer makes. And that is where the EMV security solutions come in handy. The custom EMV software reduces credit and debit fraud that results from counterfeits. Notably, the number of lost debit and credit cards will go down, given that EMV cards store payment information in a secure chip. Further, the personalization of these EMV cards is done using keys unique only to the issuer. There have been many cases of counterfeit magnetic stripes, which are used to defraud banks and individuals. However, it is near impossible to create a counterfeit EMV card that can conduct a transaction. With EMV technology, the cardholder is guaranteed enhanced verification methods, which ultimately prevents any offline credit card transaction approvals. The custom EMV integrations make it possible to receive payments b visitors from abroad.Â
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