The necessity of the gradual shift to EMV technologyīecause of its great potential for reducing fraud and better control of online and offline transactions, the migration from magnetic stripe based payment cards to EMV chip cards is an inevitable process that started about 20 years ago, and could span another 20 years or more. It presents and discusses legal incentives for migration, security benefits, a detailed view of the sequence of steps in a transaction and a concluding discussion. This article gives an insight into the EMV chip technology, which is being rolled out on a world-wide scale to increase the level of fraud protection in credit card transactions.
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