By joining EMVCo, American Express acquired a one-fourth share from the holdings of JCB, MasterCard and Visa, the three companies which own the body.
EMV (Europay, Mastercard and Visa) standards define the functional requirements that must be met by a chip card and chip-reading terminal. The EMV standard defines the interaction at the physical, electrical, data and application levels between IC cards (Chip cards) and IC card processing devices for financial transactions. The EMV specification is also the basis for the Chip Authentication Program, which allows banks to give customers hand-held card readers for online authenticated transactions.
EMVCo also deals with type approval processes for terminal compliance testing and Common Core Definitions and Common Payment Application card compliance testing processes.
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