What is EMV?
EMV is a global standard for credit cards that employ computer chips to authenticate (and secure) chip-card transactions, developed and administered by American Express, Discover, JCB, Mastercard, UnionPay, and Visa. EMV chips encrypt bank information, making it far safer than magnetic-stripe cards. Because of the ever-increasing volume of credit card theft, this is critical. If somehow a customer is using a fraudulent chip card and if any retailer does not have the EMV card reader, the merchant may be held accountable for the fraud as per the law proposed in October 2015. This is referred to as "liability shift." In March 2015, chip card transactions accounted for barely 17 percent of all transactions at companies using Square Stand and Reader. And it took another seven months for the shift in potential liability to take effect. In just five months, that percentage had risen to 36%. By July of 2016, chip cards accounted for 71 percent of all card transactions. The switch to ATM EMV Card Reader happened quickly, and now it's more common to swipe your card than to "enter your chip."
EMV Chip Technology
Chip technology is a step forward in the financial payment system that improves security, decreases card-present fraud, and opens the door to future value-added applications. Chip-enabled cards are regular bank cards with a microcomputer chip integrated in them. To complete the transaction procedure, some of these cards may require a PIN rather than a signature.
The EMV technology was developed to combat credit card theft. Because their data is stored on integrated circuits, EMV cards are smart cards (also known as chip cards or IC cards). They also have the well-known magnetic-stripe technology for backward compatibility.
The EMV standard includes various exceptions. Visa and MasterCard, for example, have developed rules for using EMV cards to facilitate Card Not Present (or CNP) transactions made over the phone or the internet. For secure e-commerce, MasterCard has the Chip Authentication Program (CAP), which enables a variety of options. Visa is offering a feature which is called Dynamic Passcode Authentication (DPA), which is a dynamic implementation of CAP that uses varying default settings.
Near Field Communication, or NFC, is another feature of EMV chip cards. When you hold the card close to the reader or tap it without entering it, the transaction is complete. In contrast to a contact transaction, which involves placing the chip card into the slot of an EMV card reader, this is referred to as a contactless transaction. While the majority of the globe is moving toward dual capability (contact and contactless), most financial institutions in the United States are only providing contact cards. One reason is the cost of purchasing dual capability cards and the accompanying readers.
On a chip card, financial data is more secure since it uses dynamic authentication, which means the data is continually changing. This makes it difficult to isolate, and even if a fraudster were to gain access to the data, it would be encrypted. Unlike magnetic-stripe cards, an EMV card's chip generates a unique transaction code that can't be used again every time it's used for payment. Magnetic-stripe cards only have static data that can be reproduced with a low-cost card skimmer device to create counterfeit cards.
ATM EMV Card Reader
Here at Mtech, we provide high-quality ATM EMV card reader, and you can learn more about how they function and how they are utilized by visiting our website. You would just swipe the card in a slot provided in our card reader with older magnetic-stripe cards. And the reader might not accept the transaction if you didn't swipe it quite properly. You place the card end with the chip into the EMV card reader, generally with the chip facing up, with the chip facing up.
When a customer used the EMV card and put it into an ATM EMV card reader slot, the data is set to make it back and forth between the card chip and the issuing financial institution then validates the card's legality and is designed to generate a unique transaction data for every different transaction made with it. This method isn't as speedy as swiping a magnetic-stripe card. A transaction may be denied if you do not wait until you are instructed to withdraw the card.
You'll be asked for information (such as a PIN), and then the reader will ask you to remove the card. You may still be required to sign a receipt after deleting the card. If the merchant has not converted to an EMV card reader, EMV chip cards will still have the magnetic stripe on them. And sometimes, despite having the reader, the merchant does not switch to EMV for various reasons, such as during a busy holiday season or another peak season. However, we have the capability of upgrading the card reader to perform more efficiently.
MTech is a leading firm among the providers of banking machinery and easy solutions for securing money of both the banks and their clients. We provide quality items and maintaining our reputation for ages. Our clients not only trust our product but also admire the trust relations we build with them. You can find all types of payment securing machines like ATM machines, card readers, cash dispensers and much more.