A Guide To EMV Chip Technology V2.0 20141120122132753

• Table of Contents
• List of Figures
• 1 Introduction
  • 1.1 Purpose
  • 1.2 References
• 2 Background
  • 2.1 What are the EMV Chip Specifications?
  • 2.2 Why EMV Chip Technology?
• 3 The History of the EMV Chip Specifications
  • 3.1 Timeline
    • 3.1.1 The Need for a Global Chip Card Standard
    • 3.1.2 The Evolution of the EMV Chip Specifications
    • 3.1.3 Common Core Definitions
    • 3.1.4 Extending EMV Chip Technology to Contactless and Mobile
  • 3.2 EMV Chip around the World
• 4 EMVCo LLC
  • 4.1 EMVCo Mission
  • 4.2 Structure of EMVCo Management and Operations
  • 4.3 The Role of the Payment Systems in Contrast to EMVCo
  • 4.4 EMVCo Relationship with Other Standards Bodies
• 5 EMV Chip Technology – How it Works
  • 5.1 Stepping Through an EMV Chip Transaction
    • 5.1.1 Steps for an EMV Contact Transaction
    • 5.1.2 Steps for an EMV Contactless Chip Transaction
  • 5.2 EMV Chip Features
    • 5.2.1 Application Cryptogram
    • 5.2.2 Risk Management and Authorisation Controls
    • 5.2.3 Cardholder Verification Processing
    • 5.2.4 Offline Data Authentication
• 6 Testing and Approval
  • 6.1 EMVCo Objective
    • 6.1.1 Terminal Type Approval
    • 6.1.2 Card Type Approval
    • 6.1.3 Chip Security Evaluation
• 7 Implementation Considerations
  • 7.1 Issuer Considerations
  • 7.2 Retailer and Acquirer Considerations
• 8 The Next Generation of EMV Chip Specifications
  • 8.1 Business Drivers
  • There are many reasons why EMVCo’s work in the development of the next generation of EMV Chip Specifications is important. Some of the key business drivers include:
  •  Product Time to Market – Enable a more cost and time efficient deployment of current, future payments
  •  Terminal evolution - Reduce impact on terminal infrastructure as product requirements evolve
  •  POS Throughput – Provide options for improving throughput at the point-of-sale
  •  Transaction Quality – Improve transaction data quality and relevance
  •  Transaction and Business Environments – Address different types of transactions and various business environments
  •  Product Selection – Improve the product selection for the cardholder and merchant
  •  Security – Future-proof EMV security including incorporating ECC and mitigate privacy-related issues
  • 8.2 EMV Next Generation Specifications
  • 8.3 Milestones
• 9 Glossary