What does EMV compliant mean?

What Does EMV Compliance Mean? EMV compliance simply means that you have upgraded your restaurant POS to include an EMV chip reader. If you can accept credit cards by inserting a chip instead of swiping a magnetic strip, then you are EMV compliant!

What is EMV and non-EMV?

The Transaction in respect of EMV Chip based Credit Card will be authorized only where valid PIN is entered. Whereas in case of non-EMV Chip cards (magnetic stripe cards) transaction will be authorized by way of signature on the charge slip.

Is EMV required?

In short, no. EMV chips are not required by law, but rather by industry standards. The U.S. government could have stepped in and forced the credit card industry to adopt EMV technology, which is aimed at preventing fraudulent use of credit cards in transactions where the card is present at a merchant’s terminal.

Is EMV compliance mandatory?

While EMV compliance is not technically required by law, it is an industry standard. EMV compliance works to protect your business, just as much as customer payments.

What does EMVCo do?

Merchants, issuers, acquirers, payment networks, financial institutions, manufacturers, technology providers and testing laboratories collaborate with EMVCo to develop EMV ® Specifications and supporting testing, product certification and marks programmes that support the delivery of reliable and convenient payments globally.

What is the EMV payment protocol?

The EMV ® payment device must communicate with a chip reader in the acceptance terminal (either contact or contactless) to enable the transaction. It is this protocol that EMVCo is responsible in defining and testing.

Is EMV registered in the US?

This is critical to the delivery of reliable and convenient payments that businesses and consumers expect. EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV® trademark is owned by EMVCo, LLC.

What are the EMV chip specifications?

EMV ® Specifications have evolved beyond the original EMV ® Chip Specification to cover a wide range of technologies that support card-based payments, including Contact, Contactless, Mobile, Payment Tokenisation, QR Code, Secure Remote Commerce, and 3-D Secure.