EMV
Business & Finance abbreviation · Banking
| Stands for | Europay, Mastercard and Visa |
|---|---|
| Categories | Business & Finance |
EMV stands for Europay, Mastercard and Visa, a banking abbreviation.
Global standard for chip-based payment cards and terminals, named after the three companies that developed it, in which a cryptographic chip creates a unique code for each transaction. It makes card cloning far harder than with magnetic stripes.
Example: Since the switch to EMV, the store's counterfeit-card losses have fallen sharply.
Usage notes
The specifications are now managed by EMVCo, owned by the major card networks, including Visa, Mastercard, American Express, JCB, Discover and UnionPay. The US adopted EMV relatively late, with an October 2015 liability shift that made merchants without chip terminals responsible for counterfeit fraud. Contactless "tap" payments follow the same EMV standards.
Related abbreviations
More banking abbreviations
- CU – Credit union
- CVV – Card verification value
- DD – Demand draft
- DDA – Demand deposit account
- EDD – Enhanced due diligence
- EFT – Electronic funds transfer
- FD – Fixed deposit
- FI – Financial institution
- FPS – Faster Payments Service
- G-SIB – Global systemically important bank
- IBAN – International Bank Account Number
- IFSC – Indian Financial System Code