EMV
Europay, Mastercard, Visa
EMV - The global standard for chip-based cards that authenticate and secure transactions. The name comes from its three co-founding card organizations: Europay, Mastercard, and Visa.
Related Terms
Contactless Payment
Contactless Payment - A payment method that lets users buy goods and services with a debit/credit card or mobile device via NFC, without inserting the card or entering a PIN.
Level 1 Testing
EMV Level 1 Certification - Confirms that a device meets electromagnetic and low-level communication requirements. Includes operating-distance testing by placing a reference card at defined positions near the device's antenna.
Level 2 Testing
EMV Level 2 Certification - Confirms that the software implementing payment functions on a device has been EMV-approved. This software, called the 'contactless kernel', defines the supported payment schemes (Mastercard, Visa, Amex, etc.).
NFC
Near Field Communication (NFC) - Technology that lets two contactless-enabled devices (cards, phones) and a payment terminal communicate when in close proximity (usually under 4cm). It is the foundation of tap-to-pay.