Brian Wallace Brian Wallace is the President of NowSourcing, Inc., a premier social media firm specializing in infographic design, development, and content marketing promotion. The company is based in Louisville, KY, and works with companies that range from small businesses to Fortune 500.

EMV – coming to your wallet in 2015

46 sec read

EMV

EMV

EMV is switching cards from the magnetic stripe to an integrated circuit card. This type of card – the “chip” card – is usually the same size as a standard credit card and can either be a contact or no-contact version. A microprocessor within the card provides power; it also contains cryptographic keys, algorithms for providing digital signatures and other encryptions, and basic cardholder account information.

Already EMV is widely used in Canada, Asia, and Europe but the US is lagging behind. EMV-enabled cards account for 45% of total cards in circulation globally and 76% of payment terminals are EMV-enabled. The US falls behind due to the high cost of switching merchants over to the new system. Visa has told retailers that within the next four years they must accept EMV and Mastercard has told ATM owners they must upgrade their machines or be liable for fraud.

EMV-enabled cards help reduce credit card fraud. The US has been the number one country for credit card fraud in the past five years due to lack of chip payments. Magnetic strip cards contain static information that never changes whereas EMV chips allow information to be encoded uniquely every time.

Check out this infographic presented by Merchant Warehouse to learn more about EMV and its benefits.

EMV Coming to Your Wallet - InfographicBrought to you by Merchant Warehouse

Avatar of Brian Wallace
Brian Wallace Brian Wallace is the President of NowSourcing, Inc., a premier social media firm specializing in infographic design, development, and content marketing promotion. The company is based in Louisville, KY, and works with companies that range from small businesses to Fortune 500.

Chicago tried and failed to use big data to…

Have you ever seen the movie Minority Report? If you haven’t, all you need to know is that it’s about a special police unit that’s able...
Avatar of Sal McCloskey Sal McCloskey
1 min read

Google believes artificial intelligence will be bigger than virtual…

When Mark Zuckerberg thinks about the future, he sees a world that’s dominated by mobile devices and virtual reality, but when Google CEO Sundar Pichai...
Avatar of Lorie Wimble Lorie Wimble
56 sec read

China wants to build floating nuclear power plants for…

I’m sure you’ve heard about that man-made island chain that China has built in the South China Sea, the one that’s been causing a...
Avatar of Alfie Joshua Alfie Joshua
1 min read

Leave a Reply

Your email address will not be published. Required fields are marked *