Europay, Mastercard, Visa (EMV)

The credit card institutions Europay, Mastercard and Visa (EMV) have jointly developed the specifications for smart cards and for the corresponding smart card readers, with which American Express also works.

The EMV specifications are used worldwide and form the industry standard for customer and credit cards, ensuring global compatibility and interoperability for smart cards and smart card terminals and the processes used for transactions.

A critical component of the EMV specifications is the EMV chip that is part of corresponding smart cards. It secures communication between the smart card and the smart card terminal or ATM. It provides authentication and prevents misuse by unauthorized persons. Authentication can be static, using Static Data Authentication( SDA), or dynamic, using Dynamic Data Authentication( DDA).