MasterCard introduces EMV adoption campaign

Dubbed Chip 360o, the program aims to communicate actionable information, educate on steps to take and advocate why the change is needed to protect cardholders.

EMV is a global standard for authenticating credit and debit card transactions to help minimize counterfeit fraud. Microchips or chips embedded in the card face ‘talk’ with chips in payment terminals or ATMs creating unique codes for each transaction. The unique codes make the cards almost impossible to copy or counterfeit. The US is the only country in which counterfeit-card fraud is growing (accounting for 47% of the world’s counterfeit fraud) costing banks USD 3.4 billion and merchants an additional USD 1.9 billion per year.

The Payment Security Taskforce estimates that 63% of credit and debit cards will contain EMV chips by the end of this year, expanding to 98% by the end of 2017. The estimate indicates that banks and retail outlets are delivering on their promise to secure consumer payments with chips.

MasterCard is a technology company in the global payments industry that operates global payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.