EMV and Chip Card Security
Boom in electronic payment
Paying by card is an integral part of most people’s lives. According to estimates, there are over 8.3 billion cards in circulation. Almost 14 billion US dollars were transacted by card in 2012, just under a third of the value of all global transactions. Even in emerging economies, card payments are increasing. At least some 264 million people in India (2011 figures) already own a debit card, and the number is growing at a quick pace.
With its popularity, electronic payment has also become attractive to criminals. Where once it was mostly banknotes that were forged, criminals today are very much trying to abuse payment cards.
Demand for standard in global use
In response, the first attempts to use chip cards, which are significantly better protected against fraud compared to magnetic strip cards, came as early as the 1980s. Since then, a number of various standards for chip cards have been developed. EMV, with approximately 1.5 billion cards and over 20 million terminals (2012), is the most widespread standard and has become synonymous with “Chip and PIN.” EMV is an acronym for Europay, MasterCard and Visa – the card organizations that developed it in the mid-1990s.
EMV is based on open specifications and enables global interoperability of chip cards and readers for debit and credit card payments. Payments can be made with both normal contact-based cards or with form factors containing an antenna for contactless data transmission. In addition to contactless payment cards, key rings, cell phones, stickers, or even car keys can be used.
Yet regardless of the form factor used, the switch to chip cards remains a demanding and major project for banks. With its experience of numerous migrations on every continent, G&D is the ideal partner for advice and implementation along the entire value chain.
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