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What is EMV credit card chip?


Question

What is EMV credit card chip? How does EMV chip work?

Answer

EMV credit card chip was developed by Euro-pay, MasterCard and Visa, the 3 companies that decided to unite their knowledge and experience in order to fight credit card fraud. As a result of this collaboration they introduce a technology of EMV Chip that saves the cardholder's information and avoids using the magnetic stripe on the back of the card for cloning.  

During these last years of technological revolution in the sector of payment methods, credit and debit cards have always been an easy target for fraudulent activities. Therefore, the magnetic line that was previously used to make a payment via PIN Pads and, as a result, many times ended up been cloned, was removed by an EMV Chip, a little device tucked inside a credit card, where the PIN verification system and the encrypted information of the cardholder are stored. EMV detected many cases in which the retails participated in the fraudulent activities, copying the information of their client's card and selling it after to third parties. 

EMV credit card chip is a security chip, that makes it more difficult to obtain the information about the PIN number of the client. Currently 100% of all the credit or debit card issued in the world have this free anti-fraud system, that also forms part of an innovative "Contactless" payment systems.

The main advantages of having your card with EMV chip are:

  • The risk of someone cloning your cards is reduced almost to 0, as it is easier to clone the magnetic strip than the chip.
  • It can be used in all world data and online purchases.
  • The new technology is free, the card issuing banks don't charge extra for new card with EMV chip.
  • You can use the “Contactless” payment system.


EMV chip credit card



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