EMV Is Just a Step forward towards a More Secure Technology
EMV cards have been introduced with a highly robust and secure payment infrastructure that will stop the frauds that had been so common in the past few years.
For now media is more focused on launching and implementation of EMV and the changes that it will bring in the next few months. But the industry has already started working for a new and powerful technology that will definitely make the payment making process safe.
Even now the Card network companies are searching for ways to support and team up with technology companies to make these advancements hit the market soon. Their main aim is to make sure they bring about significant changes in the payment technology to create a highly efficient and secure payment experience for the customers. The best examples are Apple Pay, Samsung Pay, and Android Pay that provide their customers with an advanced tokenized security.
What makes EMV significant?
EMV cards are made up of noticeable contact pads which are linked to a computer chip. They work with unique terminals that have been designed specially to interpret the chips.
The chip generates a unique code also called as cryptogram every time a transaction takes place. This makes every transaction authentic and keeps a check on each transaction.
The code is submitted by the chip electronically with standard and unencrypted card account details along with the cardholder’s 16-digit account number and details of the full name as well.
EMV transactions can be accomplished by simply dipping the chip card in the card reader. Many EMV enabled terminals have also been designed in a way that they can support both chip-based and NFC based forms of EMV.
NFC or EMV contactless systems utilize a tokenization system in which a new “token” also called as OTP short for one time pass code is generated for every transaction, or involve the biometrics system that takes fingerprints or retinal scans to verify the identity of the individual. This is a big changeover for the U.S. payments industry as the customers will enjoy the much awaited fraud free transactions.
Initially the U.S., is focusing on an easier way out to implement chip and signature system which uses a less secure version of EMV as compared to Europe’s more secure chip and pin technology.
