The full form of EMV you can say as Europay Master card and Visa card. You can also call these kind of cards as Chip and Pin.
Who regulates EMV cards
These are regulated by Integrated circuit card specifications – ICC.
EMV co LLC
This company is having major partners of JCB, Master card, Visa and American Express. Apart from that you can read full list here.
- VIS – Visa
- Mastercard chip – Mastercard
- AEIPS – American Express
- UICS – China Union Pay
- J Smart – JCB
- D-PAS – Discover/Diners Club International.
- Rupay – NPCI
The ISO/IEC 7816 tells about EMV cards.
Chip and Magnetic stripe cards
Chip and Magnetic strip cards you can call them as Dual cards.
These dual cards sometimes, the fraudsters, remove the chip details and force the transaction through magnetic stripe cards.
That is the reason, the major credit card processors tracking now the transaction passed through magnetic strip when chip is available on that card.
In the credit cards domain EMV technology is a part of it and useful to avoid fraud.
EMV ATM cards
EMV or chip cards you can use at POS machines or at ATM machines to withdraw money.
EMV cards are more secure than magnetic stripe cards.
Process of EMV chip cards
EMV chip card transactions improve security against fraud compared to magnetic stripe card transactions that rely on the holder’s signature and visual inspection of the card to check for features such as hologram. The use of a PIN and cryptographic algorithms such as Triple DES, RSA and SHA provide authentication of the card to the processing terminal and the card issuer’s host system.