Question

What is the full form of EMV?
1. Electronic mobility value
2. Euro money vendors
3. Euro, Mastercard and Visa
4. Europay, Mastercard and Visa
5. Electronic Master Vehicle

Answer 1

Correct Answer - Option 4 : Europay, Mastercard and Visa

The correct answer is Europay, Mastercard and Visa

• EMV is a payment method based upon a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. 
• EMV is a technology toolbox that enables globally interoperable secure payment across face-to-face and remote environments. 
• The EMV Chip Specifications cover the physical aspects of cards and terminals, as well as technical capabilities and data management, and applies to both contact and contactless transactions.
• EMV was developed in the 1990s in Europe because card authorization was prohibitively expensive for European card issuers.
• While EMV Chip has reduced fraud related to some credit card activity, it is limited in protecting card-not-present transactions.