Posts Tagged: "Europay Mastercard Visa"

Mastercard holds largest patent portfolio in EMV payment space

EMV utilizes a computer chip implanted into a card to interact with a card reader at the point-of-sale in retail establishments. The technology is much more secure than typical magnetic stripes as the chip encrypts financial payment data multiple times which communicating with a terminal. Financial services providers all over the world will be replacing magnetic stripe cards with EMV cards to prevent cyber attacks at terminals to stem the growing tide of cyber attacks which had been greatly hurting banks. Following up our recent EMV coverage we took a look at EMV related patents, finding that Mastercard has a dominant position in this field with 25 patents, almost a quarter of all patents related to EMV payments issued by the U.S. Patent and Trademark Office. Following up behind Mastercard is Japan-based SMK Corporation and Intellectual Ventures Management of Bellevue, WA.

Businesses must switch to EMV card readers to avoid shift in fraud liability

By the end of 2015, about 40% of all credit and debit card transactions will use EMV cards. To process payments on EMV cards, businesses must upgrade to new card processing or point-of-sale technologies.