Debit only must be EMV activated by 2015. Ensure your terminal is updated by this point – speak to one of our representatives here and we’ll take care of that for you.


Founded in 1994, EMV was formed by Europay, Master Card and Visa; although today, the trademark is owned by American Express, JCB, Discover, MasterCard, Union Pay, and Visa. However, this was not the beginning of chip technology – the first use of chip cards for payment was previously implemented in France. Credit and Debit card fraud had become a common problem, from counterfeit to stolen magnetic strip cards, a solution was clearly needed. In response, the French banks conducted a field experiment that involved microprocessor chips being embedded into daily plastic bank cards. Resulting from this experiment was reduction of fraud and soon all French Debit and Credit cards were embedded with this new chip and PIN technology. This chip card issuance was spread through a number of different European markets, and in the early 1990’s the new payment solution was extended to UK and Japan (EMVCO-A Guide to EMV-(9-10), 2011).



EMV is the new advancement in technology for point-of-sale terminals that facilitates the process of interoperability through introducing a EMV Chip Technology. It refers to payment chip cards that contain an embedded microprocessor in Debit cards. This chip technology was created in order to improve safety against fraud and through the built in security that contains a form of cryptography it helps verify the card, card issuer and the data stored in the card (, 2015). The main elements that make this chip technology so unique and safe are that it can store information, process securely and provide authentication that helps protect sensitive data.



According to Emerging Payment Strategies, the main driver behind the EMV migration is card-related financial fraud. Global losses have been rising and despite the many steps taken to reduce this loss there is an increasing pressure to find a global solution. The cost of card fraud in Canada alone was estimated by the Canadian Bankers Association, to be $436.6 million in 2011. Experts believe that this figure will rise immensely, especially if Canadian merchants do not make significant progress with chip card adoption. This technology provides security when it comes to the prevention of card skimming and other types of card-present fraudulent. The ability to digitally verify the card’s authenticity during each transaction is combined with a PIN or signature requirement to verify the cardholder, resulting in a higher degree of certainty that the transaction is not a fraudulent.



EMV has enabled merchants to adopt the more advanced and secure payment option and transaction solution. Canadian merchants will be required to switch to this new technology as Debit magnetic stripe transactions will no longer be accepted at POS after December 31, 2015.

“Chip cards will still continue to carry the magnetic stripe, not only to facilitate the chip transition period, but also to allow cardholders to use their debit cards in other countries that do not use chip technology” (Interac, 2014).



(Canadian POS Corporation)

  1. Added Security: EMV cards require a PIN code or a quick “Tap and Go” for smaller transactions instead of signature for acceptance. This results in added payment security.
  2. Authenticity: The chip contains cryptography technology to verify the card, card issuer and the data stored in the card. This verification proves the authenticity of the card prevents criminals from using fraudulent payment cards.
  3. Greater Information Storage: EMV cards store significantly more information than magnetic strip cards. As a result the authenticity and security level of your card increases as it can more accurately represent your identity. Also, they are able to function for a longer period of time.
  4. Easy Acceptance Options: With the increasing use of EMV chips, it is important for merchants to switch to technology that accepts this payment option. Simply contact MONEXgroup at 1-866-286-7787; we can help you set up your new EMV technology compliant POS terminal today. Give your customers the security they deserve by accepting EMV chip cards.