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EMV

EMV stands for Europay, MasterCard, and Visa, and it refers to a payment technology that uses a chip embedded in credit, debit, and prepaid cards to make transactions more secure. EMV was developed in the mid-1990s by the three credit card companies in response to rising credit card fraud in France. The technology is designed to help chip cards and terminals work together for both credit and debit transactions.
EMV cards have a microprocessor or smart chip that interacts with a merchant’s point-of-sale device to verify the card’s validity. The chip is difficult to duplicate and can be paired with other security features like encryption and tokenization to reduce card fraud. When a card is used in a chip and pin transaction, the card is “dipped” into the reader, which adds an extra layer of security.