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These chips can only be authenticated by special readers, making them more secure than stripe-only cards.Ī primary benefit of EMV chip technology is preventing counterfeit fraud. What is EMV chip technology?ĮMV is short for Europay, Mastercard and Visa: the three companies that created the EMV standard.ĮMV cards store cardholder information on a metallic chip instead of in a magnetic stripe. Many merchants now require consumers to pay with the EMV chip instead of swiping their card. EMV chips, which come standard in many new credit and debit cards, supplant the magnetic stripe on the back of the card with a more secure data-storage technology.
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