Are You EMV Ready?

Published: August 2015

EMV Compliance

EMV, which stands for Europay, MasterCard, and Visa, is a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions.

EMV is a joint effort initially conceived by Europay, MasterCard and Visa to ensure the security and global interoperability of chip-based payment cards. Europay International SA was absorbed into MasterCard in 2002. The standard is now defined and managed by the public corporation EMVCo LLC. JCB (formerly Japan Credit Bureau) joined the organization in December 2004, and American Express joined in February 2009. China UnionPay was announced as member in May 2013,[1] and Discover joined the corporation in September 2013.[2] The EMVCo members MasterCard, Visa, JCB, American Express, China UnionPay, and Discover have an equal 1/6 interest in the standards body.[3] IC card systems based on the EMV specification are being phased in across the world, under names such as "IC Credit" and "Chip and PIN".

The EMV standards define the interaction at the physical, electrical, data and application levels between IC cards and IC card processing devices for financial transactions. There are standards based on ISO/IEC 7816 for contact cards, and standards based on ISO/IEC 14443 for contactless cards (PayPass, PayWave, ExpressPay).

C-store retailers are staring down the October 2015 deadline when those who are not EMV (Europay, MasterCard and Visa) compliant will become responsible for any fraudulent purchases made with non-EMV credit or debit cards at their stores.

Visa & Mastercard recently announced:

  • Payments occur at payment terminals that are chip enabled, the Visa removes the requirement for annual PCI-DSS recertification.
  • By April 1, 2013, U.S. acquirer processors and sub-processor service providers to be able to support merchant acceptance of chip transactions
  • EMV Liability Shift:

  •         - POS: October 1, 2015: liability shift for any in-store POS fraudulent transactions on non-EMV chip & PIN compatible terminals
            - Forecourt: October 1, 2017: forecourt liability shift for fraudulent transactions on non-EMV chip & PIN compatible terminals

    What does EMV approval mean to the retailer?

    EMV approval for your standard convenience store equipment is granted on two different levels:
  • 1 - EMV Compliance with hardware (devices), and
  • 2 - EMV Compliance with software (inside the device)
  • What are the benefits of EMV compliance?

    Benefits of EMV compliance include:
  • Improved security (with associated fraud reduction)
  • Foundation for emerging technologies like mobile payments
  • Reduced charge-backs
  • Source:

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