EMV Chip Card
EMV implies Europay, MasterCard, and Visa, the great credit card service. It is uppermost in the credit card sector. EMV also created the international standard for the chip-based security service. EMV equips every credit card with chip, even those issued by smaller facilities.
10 steps of EMV transaction
- The ATM reads data from that application.
- The ATM and card chip make an application choice.
- Data is well-warranted offline to be sure the credit card is not a counterfeit.
- Transaction and chip confirmation take place.
- Cardholder verification is held with a PIN, signature, or CVM.
- The reader checks limits.
- The terminal asks for approval.
- The card approves either online or offline.
- An online authorization request and authentication are completed and sent to the payment authorizer.
- The transaction is complited and an issuing script is remanded to the card.