Secure EMV payments are commonly used globally for safer and smarter transactions via contact less and contact payment channels. Soon, the United States will see this technology migrate into businesses. In a face-to-face card-present environment, the EMV chip technology will help to reduce counterfeit card fraud, provide interoperability with EMV payments, and secure NFC mobile contact less payments.
BankcardRevelation will post a glossary of EMV terms that you can reference. The glossary is brought to you by EMF, the EMV Migration Forum. The EMV Migration Forum is a cross-industry body focused on supporting an alignment of the EMV implementation steps required for global and regional payment networks, issuers, processors, merchants, and consumers to ensure a successful move from magnetic stripe technology to more secure EMV contact and contactless technology in the United States.
This document will define a set of standard terminology to enable clear recognition and understanding of information for industry stakeholders and consumers. The document includes four columns: Recommended Standardized Term (and acronym if indicated), Also Known As (AKA) terms, Industry Stakeholder Definition and Cardholder/Customer Definition.