Stratos Card
617 Detroit
Ann Arbor, MI
48104 USA
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The EMV (Chip & Pin) Transition

Chip and PIN - EMV

We get asked a lot of questions about EMV. As larger numbers of cards start rolling out with chips in the coming months, here’s everything you need to know about EMV.

What is EMV?

EMV stands for “Europay, MasterCard, and Visa.” A relatively new concept here in the U.S., EMV refers to a set payment security principles and standards that were first introduced in Europe in the 80’s and 90’s to combat “card-present” fraud – fraud involving use of a stolen or duplicated card at a physical store location.

EMV cards, which contain visible contact pads connected to a computer chip, work with special terminals that are designed to read chips. At every transaction, the chip generates a unique code, or “cryptogram” that is used to verify a card’s authenticity. The chip electronically submits this unique code to the terminal along with standard, unencrypted card account information, including the cardholder’s 16 digit account number and his/her first and last name.