Though new to the U.S., EMV technology has been around for quite sometime. The acronym stands for “Europay Mastercard Visa,” which are the world’s three major credit card companies. Together, these three companies have mandated the use of EMV chip card technology throughout the world, and the U.S. is one of the last countries to make the switch.
EMV chip cards are more secure because they use encryption to block individuals from reading the raw card data with any old reader. This is currently the case with mag stripe cards—anyone can buy a simple mag stripe reader online, swipe a credit card, and get the raw number data in the output. Chip cards eliminate this vulnerability by storing and sending this data in an encrypted format, which must then be unencrypted by a software system before processing payment. While the U.S. has only been mandated to use chip and signature, most countries with chip cards increase security further by requiring the input of a client PIN each time a transaction is run.
InspireSmart’s Denver software development team knows the ins and outs of EMV technology. At the enterprise level, our team can integrate EMV technology with existing software systems, or we can develop a fully customized payment solution that implements EMV software. Whatever your needs, we’re here to help.