EMV stands for Europay, MasterCard, Visa. It is the new global standard for chip-based Debit and Credit Card transactions. It is a joint effort between Europay, MasterCard, and Visa to ensure security and global acceptance so that MasterCard and Visa Cards can continue to be used everywhere. The new cards come equipped with an EMV chip, one of the most effective tools being used to prevent the spread of credit card fraud. The chips are small metallic squares on the front of the cards that hold card information.
You will be able to enjoy improved security with the EMV compliant chip Card. Your card information is stored in the EMV compliant chip for this new Card, making extraction of Card information by fraud much more difficult as compared to the existing magnetic strip Cards. This new technology can reduce the chances of your Card information being cloned and used by fraud syndicates for fraudulent transactions.
When an EMV compliant chip Card is offered as a mode of payment for goods and services, it is inserted into a Smart Card reader. Upon approval, you will sign on the approval charge slip to complete the the purchase transaction. Your new EMV chip card will also have the magnetic stripe the old cards had, giving you dual-purpose technology to enhance your purchasing capabilities. This means that you will be able to use the EMV chip at retailers who support EMV processing and the magnetic stripe at all other locations.