Preparing Payments Devices for EMV Implementation
In an effort to combat fraud, as well as prepare for contactless payments, the card associations have announced timelines for implementation of EMV for the payments infrastructure in the U.S.
EMV chip-based payment cards, also known as smart cards, contain an embed- ded microprocessor. The microprocessor chip contains the information needed to use the card for payment, and is protected by various security features. The chip pro- vides increased protection against coun- terfeit and lost and stolen card fraud by validating the card and the cardholder.