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What are EMV chip cards?

EMV  chip  cards
noun


EMV chip cards are crads owned by the EVMCo, the company in charge of the technology. Over 86% of card present transactions around the world are EMV chip enabled. EVM chip cards are by far the most popular type of card payment and are considered to be safer than traditional swiping card payments. 

Europay, Visa, and Mastercard are the three payment card companies that led the way in developing and implementing this chip technology.

How do EMV chip cards work?

An EMV chip card is a type of credit or debit card that is embedded with a tiny computer chip. The chip, rather than the magnetic strip (also known as a magnetic stripe) on the card's back, is what sends the payment information to a card reader when you make a purchase. The EMV chip carries out transactions without the card's magnetic strip, but chip cards are usually equipped with a magnetic strip.