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EMV – Getting the facts Straight

July 29, 2015

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A change to how we do things in the USA is inevitably coming! As of October 1st, 2015 all new cards issued by banks will incorporate an EMV chip. At CIM we have been leaders in providing this technology for years. EMV has long been used in most of the world and CIM has been on the for front of this transition. CIM has a wide range of products for all levels of card issuance that can fit everyone’s needs. We consider ourselves experts and proponents of this secure, practical and universal method!

Here are a few facts about EMV chips and their application:

  • EMV: Euorpay Mastercard Visa
  • Approximately 120 million Americans have received their EMV chip card.
  • 600 million Americans will have their EMV cards by the end of 2015
  • 59% of retail locations will be EMV-compliant by the end of 2015
  • 78,800 Current number of EMV chip-activated merchant locations
  • 40% of US. debit cards will be issued as EMV cards by the end of 2015
  • 86% of financial institutions plan on issuing EMV cards in the next two years
  • $3.50 is the average cost for issuing a new EMV card
  • $500 is the average cost of an EMV-compliant point-of-sale terminal
  • No more magnetic stripes: Magnetic stripes contain unchanging  data; EMV cards create a unique transaction code during every separate transaction, this is called dynamic data and is nearly impossible to reproduce.
  • No more swiping, it’s called “dipping”. To dip, insert card in card slot and leave the card in slot until the transaction is finalized.
  • A faster way than dipping is “tapping”. Any NFC-equipped  card can simply function by tapping the card on the terminal surface.

If you have any questions or doubts on the EMV transition or questions about our products, please visit our website: www.cim-usa.com

Own your own business? Want to be compliant with the October 1st 2015 deadline? Want to be ahead of the times and have the capability to issue EMV cards, insuring the highest level of security to your client’s identity and to their assets? Do you perform point of purchase transactions at your location? Check out the latest innovation to one of our leading products now providing an extra level of protection, the CAM 8080 features a secure labeling module. Also, checkout our latest compact all-in-one solution, the Combi 300 Tower Flexi, with desktop dimensions and compatible with any card printer!

Sources: Javelin Research & Strategy, Aite Group, 2014 PULSE Debit Issuer Survey.

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