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What is EMV?

by Jordan Bernstein
FSR Magazine
April 13, 2015

Jordan Bernstein's article, "What is EMV?" was published in in FSR Magazine on April 13, 2015.

From the article...

"October 2015 will likely mark the beginning of the end for “swipe and sign” credit and debit card transactions in the United States. Businesses that have not upgraded their systems to accept card payments according to Europay, MasterCard, and Visa (EMV) standards at this point will find themselves liable for losses caused by fraudulent payments. The question remains, though, whether retailers—including those in the restaurant, food and beverage, and hotel industries—will manage to upgrade their systems in time.


Currently, most credit and debit card transactions in the United States are conducted via “swipe and sign,” in which consumers swipe the magnetic strip (“magstripe”) on the back of a card through a payment terminal and then sign the corresponding transaction receipt to authorize payment. Come October, though, all major credit card companies will require the adoption of EMV standards for the U.S. market. These standards require that payment terminals read the micro computer chip (chip card) embedded on credit and debit cards instead of their magnetic strips to recognize transactions."

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