A large number of problems, issues, and conspiracies revolving around credit card processing led to standardizing all credit card transactions according to a new format, EMV.
Named after its introducers, EuroPay, MasterCard, and Visa, the credit card processing technologies around the world will be taken over by EMV latest by October 2015. All merchants, merchant account holders, and merchant account services will be subjected to new EMV standards and most importantly, it will indicate a shift from magnetic stripe cards to chip based cards.
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