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What To Know About EMV

EMVEMV (Europay Mastercard Visa) is a credit card with a small chip that more securely validates transactions than magnetic strip cards. Europe and other areas of the world have been using EMV for years. The most important thing to know about EMV is that the deadline for making the switch was October 1, 2015. While merchants are expected to have their POS terminals and backend software accepting EMV now that the deadline has passed, it doesn’t mean that the magnetic strip cards will stop working. What it does mean is that the liability for fraudulent activity is now on the merchant rather than the card issuer.

While magnetic strips still work, the problem with them is that they can be captured and copied more easily than EMV. EMV requires PINs and is protected through other security features as well. According to ZD Net, 63 percent of consumers want a chip card as soon as possible.

EMV benefits merchants because it reduces counterfeit cards used in transactions where the card is present. For online businesses it doesn’t really help with security, unfortunately, because it is only useful in card present transactions. But according to Bluepay.com, EMV payment options are available in the online world. Although they haven’t become truly mainstream yet the technology is there.

What You Should Know About EMV: The looming migration deadline for retailers|EpicEcommerce

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