Editing EMV (section)

== History ==
{{See also|Payment card|Smart card}}

Until the introduction of chip & PIN, all face-to-face [[Credit card|credit]] or [[debit card]] transactions involved the use of a magnetic stripe or mechanical imprint to read and record account data, and a signature for purposes of identity verification. The customer hands their card to the cashier at the [[point of sale]] who then passes the card through a magnetic reader or makes an imprint from the raised text of the card. In the former case, the system verifies account details and prints a slip for the customer to sign. In the case of a mechanical imprint, the transaction details are filled in, a list of stolen numbers is consulted, and the customer signs the imprinted slip. In both cases the cashier must verify that the customer's signature matches that on the back of the card to authenticate the transaction.

Using the signature on the card as a verification method has a number of security flaws, the most obvious being the relative ease with which cards may go missing before their legitimate owners can sign them. Another involves the erasure and replacement of legitimate signature, and yet another involves the [[forgery]] of the correct signature.

The invention of the [[silicon]] [[integrated circuit]] chip in 1959 led to the idea of incorporating it onto a plastic [[smart card]] in the late 1960s by two German engineers, [[Helmut Gröttrup]] and [[Jürgen Dethloff]].<ref name="Chen">{{cite book |last1=Chen |first1=Zhiqun |title=Java Card Technology for Smart Cards: Architecture and Programmer's Guide |date=2000 |publisher=[[Addison-Wesley Professional]] |isbn=9780201703290 |pages=[https://archive.org/details/javacardtmtechno00zhiq/page/3 3]-4 |url=https://archive.org/details/javacardtmtechno00zhiq|url-access=registration }}</ref> The earliest smart cards were introduced as calling cards in the 1970s, before later being adapted for use as [[payment cards]].<ref>{{cite web |title=A short review of smart cards (2019 update) |url=https://www.gemalto.com/companyinfo/smart-cards-basics |website=[[Gemalto]] |date=7 October 2019 |access-date=27 October 2019}}</ref><ref>{{cite web |last1=Sorensen |first1=Emily |title=The Detailed History of Credit Card Machines |url=https://www.mobiletransaction.org/history-of-credit-card-machines/ |website=Mobile Transaction |access-date=27 October 2019 |date=26 July 2019}}</ref> Smart cards have since used [[MOS integrated circuit]] chips, along with [[MOS memory]] technologies such as [[flash memory]] and [[EEPROM]] (electrically [[erasable programmable read-only memory]]).<ref>{{cite book |last1=Veendrick |first1=Harry J. M. |title=Nanometer CMOS ICs: From Basics to ASICs |date=2017 |publisher=Springer |isbn=9783319475974 |page=315 |url=https://books.google.com/books?id=Lv_EDgAAQBAJ&pg=PA315}}</ref>

The first standard for smart payment cards was the [[Groupement des Cartes Bancaires CB|Carte Bancaire]] B0M4 from Bull-CP8 deployed in France in 1986, followed by the B4B0' (compatible with the M4) deployed in 1989. [[Geldkarte]] in Germany also predates EMV. EMV was designed to allow cards and terminals to be backwardly compatible with these standards. France has since migrated all its card and terminal infrastructure to EMV.

EMV stands for Europay, Mastercard, and Visa, the three companies that created the standard. The standard is now managed by [[EMVCo]], a consortium with control split equally among Visa, Mastercard, [[JCB (credit card company)|JCB]], [[American Express]], [[China UnionPay]], and [[Discover Financial|Discover.]]<ref>{{cite web |title=EMVCo Members |publisher=EMVCo |url=http://www.emvco.com/about_emvco.aspx?id=156 |access-date=10 May 2015 |archive-date=15 February 2016 |archive-url=https://web.archive.org/web/20160215190249/http://www.emvco.com/about_emvco.aspx?id=156 |url-status=dead }}</ref> EMVCo accepts public comment on its draft standards and processes, but also allows other organizations to become "Associates" and "Subscribers" for deeper collaboration.<ref>{{Cite web|url=https://www.emvco.com/industry-collaboration/ways-to-participate/ |title=Ways to Participate |access-date=31 January 2023}}</ref> JCB joined the consortium in February 2009, China UnionPay in May 2013,<ref>{{cite press release |title=China UnionPay joins EMVCo |date=20 May 2013 |publisher=Finextra Research |url=http://www.finextra.com/news/announcement.aspx?pressreleaseid=49871 |access-date=10 May 2015}}</ref> and Discover in September 2013.<ref>{{cite web |publisher=Discover Network News |title=Discover Joins EMVCo to Help Advance Global EMV Standards |date=3 September 2013 |url= http://blog.discovernetwork.com/stories/news/discover-joins-emvco-to-help-advance-global-emv-standards/ |access-date=10 May 2015}}</ref> 

The top vendors of EMV cards and chips are: [[ABCorp|ABnote]] (American Bank Corp), CPI Card Group, [[IDEMIA]] (from the merger of [[Oberthur Technologies]] and Safran Identity & Security (Morpho) in 2017), [[Gemalto]] (acquired by the [[Thales Group]] in 2019) [[Giesecke+Devrient|Giesecke & Devrient]] and Versatile Card Technology.<ref>[https://www.businesswire.com/news/home/20160824005045/en/Top-7-Vendors-in-the-Global-EMV-Cards-Market-from-2016-to-2020-Technavio ''Top 7 Vendors in the Global EMV Cards Market from 2016 to 2020'', Technavio press release, 24 August 2016]</ref>