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What is EMV?

What is EMV?

EMV stands for Europay,
MasterCard, Visa

What is EMV?
EMV is a set of specifications defined by Europay International, MasterCard Worldwide, and Visa to define interoperability standards for smart card transactions. The EMV specifications were first published in 1996.

What is EMV?
EMV is designed to significantly improve ATM security for consumer card payments by providing enabling features for reducing losses that result from counterfeit and lost and stolen cards. EMV also offers a worldwide technology standard for chip-based financial transactions and services.

Globally, 36% of total cards, and 65% of total terminals deployed are based on the EMV standard. France was the first to pilot and implement EMV and they have seen more than an 80% reduction in fraud since the first launch.

Why is EMV a global standard?
Fraud always migrates to the weakest link. Countries that do not have the EMV standards implemented are now experiencing a large spike in card fraud and monetary losses.

Is there a liability shift for the US?
In August 2011, MasterCard announced that that there would be a liability shift on April 19th, 2013 for Maestro ATMs. After this date Financial Institutions will be liable for any fraud that results from transactions initiated for international EMV compliant cards on systems that are not EMV capable.
Visa has stated that the liability shift for Point of Sale international EMV card transactions will go in effect October 1st, 2015.

U.S. credit and debit card issuers who are issuing or who have announced plans to issue EMV payment cards include:American Express, Andrews Federal Credit Union, Bank of America, Chase: JPMorgan, Palladium Card, JP Morgan Select Visa Signature card, Chase Hyatt Visa Signature Credit Card, Chase British Airways Visa Signature Credit Card, Citi Commercial Cards, Citi Executive / AAdvantage® Card, Jack Henry & Associates Payment Processing Solutions, PSCU Financial Services, Silicon Valley Bank, Star One Credit Union, State Employees Credit Union, Travelex Cash Passport, United Nations Federal Credit Union, U.S. Bank, Wells Fargo


Merchants will have to upgrade their current swipe only terminals to the new EMV terminals that will accept the new issued chip cards. Merchant Direct will assist you in getting compliant for the new changes and regulation that are coming into effect in 2015.