Survey on implementation of EMV across the world

Ram prakash sharma, Prabhat Dansena, Prasun Chandra tripathi, Kshitij Tayal

EMV is the technical standard that ensures chip-based payment cards and terminals are compatible around the world. The term refers to Euro pay, MasterCard and Visa, the three companies that originally developed the specifications in1994. Today the EMV standard is managed by EMVCo, LLC, which is equally owned by American Express, JCB, MasterCard and Visa. Detailed information about EMV a chip-based payment transaction occurs when a microprocessor, generally embedded in a plastic card or a personal device such as a mobile phone, connects to an EMV-enabled POS (contact or contactless). The smart chip securely stores information about the payments application and performs cryptographic processing. This provides an additional form of card authentication, validating the legitimacy of the payment type being used.