EMV, an open-standard set of specifications defining requirements to ensure interoperability between chip-based cards and terminals, has been adopted throughout the world.
It provides enhanced security through the use of a microchip embedded in the credit card or debit card – thus making the card a smart card.
A chip not only holds significantly more information than a mag-stripe card, but can support end to end encryption as well as dynamic and static authentication, and offline and online authentication. Furthermore, the microchip is extremely difficult to copy or counterfeit, and cardholder verification can be accomplished through various methods, including an online and/or offline PIN. The reduction in fraud with EMV is clear when looking at reporting and statistics in the many countries that have already adopted EMV.
The United States is in the early stages of the EMV adoption lifecycle with a small number of cards by select issuers now finding their way into the market. Here in the U.S. we are familiar with alternate payment technologies, being one of the first countries to issue en masse contactless payment cards in the 2000’s. Large scale migration to EMV cards is imminent and ABCorp is one of the driving forces for banks, credit unions and other issuers to help migrate your existing mag-stripe portfolio to EMV.
ABCorp is fully equipped to produce contact and dual interface EMV cards in its secure facility, certified by MasterCard, Visa and Discover. Because of our global presence, we have extensive experience in working closely with issuers and others to ensure that EMV migration is a smooth and successful process.
The numerous secure features and attributes, as well as the high quality that ABCorp is known for are all fully used when designing and producing EMV cards. And in addition to centralized production, we offer the option of producing EMV cards locally through our secure issuance option.
Contact us to learn more about EMV cards.