Introduction
EMV card full form is Europay, Mastercard, and Visa debit card. It is a secure payment method that adopts chip technology to protect users against fraud. Unlike traditional cards with magnetic stripe, EMV cards generate a unique code for each transaction which makes it challenging for hackers to clone card data. EMV technology enhances security and reduces the risk of fraudulent transactions. As per the RBI guidelines, all Banks had to switch over to EMV cards by the end of 2018.
What is an EMV Debit Card?
If you are issued with a debit card, chances are it is equipped with an EMV chip. These small, square computer chips are found on debit cards to protect against fraud. EMV, short for Europay, Mastercard, and Visa, chips are responsible for generating a unique code for each credit transaction.
EMV chips offer significantly heightened security compared to traditional magnetic stripes on cards. Their key advantage lies in not transmitting the actual card number during transactions. Instead, EMV chips create and transmit a distinct code for each purchase to the merchant’s card reader.
This stands in stark contrast to magnetic stripe transactions, where the card number is physically present on the stripe and sent to the card reader with every transaction.
These unique codes generated by an EMV chip card cannot be replicated, for single-use only, and are resistant to easy counterfeiting. Consequently, EMV cards are shielded from the security weaknesses that afflict magstripe payments.
If you understand how the EMV reader works you will get an idea of how EMV card works.
EMV card readers are designed to read data from the embedded chip on each card, enhancing payment security. When a customer makes an in-person purchase, they insert their card into the reader. This process is called dipping.
The EMV chip then sends an encrypted, unique code to the reader, safeguarding the actual card number from potential breaches. To proceed, the customer provides a PIN or signature based on their card type. The transaction flows similarly to traditional card payments: The reader sends data to the business’s POS, which forwards it to the payment processor, initiating contact with the card issuer for authorization. The transaction concludes with either approval or rejection on the POS.
Different Types of EMV Debit Cards?
There are two types of EMV Chip Cards
● Chip and PIN Debit Card
Regarded as the safer choice, these cards necessitate cardholders to establish a Personal Identification Number (PIN) and input it during the point-of-sale (POS) process to validate the transaction. Without the PIN, the payment cannot be completed.
Chip-And-PIN cards share the standard dimensions of magnetic stripe cards.
These cards typically display the logos of the payment processor and card issuer, along with details like the card number, expiration date, and CVV. Additionally, certain Chip-And-PIN cards offer the convenience of tap and pay.
● Chip and Signature Debit Card
Chip and Signature Debit cardholders have to affix their signature after every transaction to prove their identity.
In terms of appearance, chip-and-signature cards closely resemble magnetic stripe debit cards in size and shape. They bear the cardholder’s name, the issuing credit card company’s name, the card number, and the expiration date. The embedded microchip measures about 0.5 inches on each side.
To read these microchips, merchants require specific devices. Similar to inserting a debit card into an ATM, the chip-and-signature card needs to be placed into a chip reader. Some chip-and-signature cards also incorporate near-field communication technology, allowing them to be read when tapped against a terminal scanner.
Both chip-and-signature and chip-and-PIN cards offer various methods of card authentication. Card authentication methods refer to the mechanisms used to ensure that the person conducting the transaction is a legitimate cardholder.
The primary distinction between the two lies in how they authenticate transactions. Chip-and-PIN cards require the cardholder to enter a personal identification number, while chip-and-signature cards rely solely on a signature. The former method adds a layer of security compared to chip-and-signature cards, making it more resistant to fraud.
Features & Benefits of EMV Debit Card
The features and benefits of EMV Debit Card are:
- EMV cards closely resemble magnetic stripe debit cards in size and shape.
- These cards display the logos of the payment processor and card issuer. The details like the card number, expiration date, and CVV are also seen on the card.
- The embedded microchip in the card securely stores and encrypts transaction data. It replaces the vulnerable magnetic stripe and reduces the risk of fraud.
- It is difficult for fraudsters to clone or skim card information.
- These cards minimise the likelihood of unauthorised transactions.
- Two types of cards with different authentication modes are available. Chip and PIN card where a unique PIN has to be entered to authenticate a transaction. Chip and signature card where a signature is required after every transaction for the authenticity of the transaction.
- Allows for quick and secure transactions with a simple tap. Speeds up the checkout process and improves convenience.
Top EMV Debit Card Options in 2023
The Top EMV Debit options are:
- HDFC Easyshop Preferred Platinum Debit Card
- HDFC Vishesh Debit Card
- HDFC Bank Rewards Debit Card
- SBI Global International Debit Card
- SBI Gold International Debit Card
- SBI Platinum International Debit Card
- BOB Visa World Opulence Debit Card
- BOB RuPay Classic DI Debit Card
- BOB Rupay Platinum DI Debit Card
- Canara Platinum Debit Card
- Canara Standard/Classic Debit Card
- ICICI Bank Expression Debit Card
- ICICI Bank Gemstone Debit Card
- Axis Rupay Platinum Debit Card
- Visa Classic Debit Card
How to Apply for EMV Debit Cards?
You can apply for the EMV Chip Debit Card online through the following process
- Visit the official website of the bank
- Under the ‘Debit Card’ option choose the preferred variant.
- Complete the application form with the required details
- Upload the documents required and submit the application.
- The bank will verify the documents and the application and issue the EMV chip debit card within 2 to 3 days.
You can also apply for the card by visiting the bank where you have an account. Collect the application for a debit card. Fill in the details. Submit the application along with the specified documents. The bank will do the required verifications and then issue the debit card.
If you already have a magnetic stripe debit card and you have not received an EMV chip card (switch from magnetic stripe cards to EMV chip cards made mandatory before 31st December 2018 as per RBI guidelines}, you can visit the branch and submit a request to replace the magnetic stripe card with an EMV chip card.
Top EMV Debit Card Issuers in India
The following are the top EMV Chip Card issuers
- ICICI Bank
- SBI Bank
- HDFC Bank
- Axis Bank
- Yes Bank
- Canara Bank
- PNB
- Kotak Mahindra Bank
- Bank of Baroda
- IndusInd Bank
- IDFC First Bank
EMV Debit Card FAQ’s:-
No. As per RBI guidelines, all magnetic stripe cards had to be switched over to EMV chip cards irrespective of the validity period on or before 31st December 2081.
EMV chip cards are ATM-compatible and can be used in ATMs.
Magnetic strip transactions rely on static data collection, whereas chip card transactions utilise dynamic, encrypted data, significantly bolstering the security against fraudulent transactions.
EMV chip cards are mainly used to prevent card theft by confirming the user’s identity. The card stores account info securely, and during a transaction, it uses encryption for added protection.
EMV card full form is Europay, Mastercard, and Visa card