Infographic: Benefits of EMV Compliance
EMV: we’ve all heard of it, but what exactly does it mean and how does it work? Even more important, what are the benefits of EMV compliance, for both merchants and consumers?
Europay, Mastercard and Visa, or EMV for short, is global standard for payment cards equipped with computer chips and technology that enable a business’s POS system to authenticate a transaction. Thanks to the EMV standardization, chip cards work worldwide at any payment terminal capable of processing chips.
Designed to protect consumers and reduce costly fraudulent purchases, EMV has been in existence since 1994, but didn’t make major waves in the United States until October 2015, when a new set of compliance rules hit the nation. According to the new rules, American businesses that do not process EMV (and still process transactions via magnetic strip) will be held responsible for any fraudulent charges made at their location.
Any way you cut it, EMV compliance is important, but what benefits does it hold? Read on to discover the many ways EMV compliance is helpful to both businesses and consumers.