A financial transaction in which one party directly withdraws funds from another’s bank account
What is EMV?
EMV originally stood for “Europay International, Mastercard and Visa”, the three largest payment card organizations, which developed the EMV standard. It is now managed by EMVCo, a consortium of financial companies. It is an improvement on magnetic stripes, introducing a considerably higher standard of security. Data are stored on a processor ship and cannot be read unless the correct PIN is entered first. The risk of fraud is therefore significantly less than with a magnetic stripe. The EMV system has been widespread in Europe since the 1990s but was not implemented in North America until much later.