This white paper from TSYS covers the current state of EMV (Europay, MasterCard and Visa) in the United States. It talks about the history of EMV, why a new standard is needed, the advantages of this standard, and countries involved. It also covers the reasons for slow U.S. adoption of EMV, where the U.S. is today in relation to EMV, how card brands are helping to ease the adoption of EMV in the U.S., what is required for EMV adoption, best practices learned from Canada’s EMV adoption, and some pitfalls of EMV.
EMV was formed in 1993 and stands for Europay/MasterCard/Visa. It stems from the implementation of chip-enabled payment cards, also known as smart cards or chip cards. Chip cards were created and implemented to address the problem of magnetic stripe card-related fraud. Europay has since been purchased by MasterCard. Presently EMVCo (owned by American Express, JCB, MasterCard and Visa) manages, maintains, and enhances the EMV Integrated Credit Card Specifications, ensuring global interoperability of chip-based payment cards with payment acceptance devices like POS terminals and ATMs.
Download this white paper below to read more.