EMV Full form Card Chip in Banking Technology

  What is EMV cards Technology?

'Europay MasterCard and Visa (EMV)', is a chip level global standard technology used in ATM, debit, credit cards. 'EMV' was developed by 'Europay Mastercard and Visa’; EMV enhances security of 'ATM debit and credit cards'. 'Europay MasterCard and Visa (EMV)’ provides strong security layer to insure safe financial transaction make it secure from fraudulent attempt.

Main feature of EMV card

One of best feature of 'Europay mastercard and Visa EMV' is that EMV card uses both, users EMV card information as well as a unique secret PIN to successfully complete your financial transaction.

How EMV cards works?

When users wanted to use their EMV credit or debit card at any payment desk, it always generates a unique encrypted code called a “token” or “cryptogram”, this is the unique and specific code used during the transaction time, and same code will not allow next transaction time it will again generate new code. This strong feature of Europay MasterCard and Visa EMV cards technology make it more secure that it generates user data on every time on transaction which it protects from fraudsters and prevent from hacker to produce duplicate user card from original.

Previous ATM Cards

Earlier cards contained magnetic stripe on back side of ' ATM debit and credit cards' it was noticed on several time that  fraudulent people used skimmer device inside the card swipe slot in the ATM machine or at the point of sale machine, and captured customer data stored in the magnetic stripe, with the help of that stolen data they easily created another duplicate cards for fraud activities, But on other hand ‘Europay MasterCard and Visa EMV' contain user data on microchip inbuilt on the 'Europay MasterCard and Visa EMV card chip.

Reason for magnetic cards replacement?

The Old magnetic cards based cards were vulnerable for hackers, fraudsters they use skimmer device inside the card swipe slot inside the ATMs machine or at the point of sale, to capture customer data stored in the magnetic stripe, with the help of that stolen data they easily create another duplicate cards for fraud transaction, there was thousands of cases reported in banks, to overcome this problem ‘Europay MasterCard and Visa EMV' cards may be best solution.

When it was implemented?

Reserve Bank of India (RBI) issued a mandate to all Indian banks in May 2015 to phase out all the magnetic cards and replace it to new 'Europay MasterCard and Visa (EMV)' chip based cards, the deadline was 31, December 2018.