What is EMV Chip Card
First, what is EMV chip card? What is the difference compared to traditional magnetic stripe cards?
EMV is a unified technical standard, it jointly developped by Europay, MasterCard, and VISA credit card international organizations, it represents the mainstream of a new generation of bank cards. This standard is the basis of the global IC bank chip card, including the future chip card standards issued by JCB, American Express, and UnionPay, all developed on the basis.
The difference between the chip card and the magnetic stripe card is that, the chip card has the conventional magnetic stripe, also has a microchip, so that the card has a larger storage capacity than an ordinary magnetic stripe card, and this storage capacity, What brings a qualitative leap in credit card security and value-added services.
Second, why do we use EMV chip card?
EMV chip cards can store more data to identify the cards and cardholders, compared to magnetic stripe cards, The scammers can hardly decode or tamper with the cards. In addition, magnetic stripe card is easily cloned and copied, and the EMV chip card uses the encrypted microprocessor chip to protect the card information being copied. Moreover, chips must be used in the EMV relocation area, and cannot use magnetic stripe,according to the regulations of the international card organization. If a fake card fraud occurs, the degraded party will bear the loss of the transaction.