A complete set for smart acceptance of all payment cards with initial specifications. Stands for Europay, MasterCard and Visa. The smart technology and becoming a global resource for credit card and debit card payments. Today the technology is supported by many other companies with an organization called EMNCo. The card is featured with microprocessor chip that secure the account and protect the cardholders data and avoiding the seal of account while making payments.
What is use of this technology?
Chip card technology made payment transaction fully secure against fraudulent activities. Reduces the fraudulent activities and given value added application for future use. The card is attached with micro computer chip and requires a pin or signature to complete the transaction process.
Why EVM Card?
It’s a golden color chip you have on your cards. That is microprocessor chip a whole ‘new revolution of card processing. A new and advance global initiative to combat fraudulent activities. Secure the cardholders data to expose to third party.
Traditional Cards have magnetic stripes that contain unchanging data. Whenever anyone access the data gets the card information. That is the big Mistake making traditional cards prime suspect of fraudulent and stolen activities.
“If someone copies a mag stripe, they can easily replicate that data over and over again because it doesn’t change,” says Dave Witts, president of U.S. payment systems for Creditcall, a payment gateway provider and EMV software developer.
Over traditional magnetic stripe, EMV generate a unique transaction code that cannot be used once it’s been used.
If a hacker stole the chip information from one specific point of sale, typical card duplication would never work “because the stolen transaction number created in that instance wouldn’t be usable again and the card would just get denied,” Witts says.
The card technology made tougher for hacker to steal the card information.
Experts hope it will help significantly reduce fraud in the U.S., which has doubled in the past seven years as criminals have shied away from countries that already have transitioned to EMV cards, Conroy says.