EMV is the international industry standards that define the rules for processing chip cards, originally named after the 3 organizations’ (Europay, MasterCard and Visa) that produced the specifications. The EMV standards require all merchant unattended terminals to be EMV complaint and be able to process Chip EMV transactions in the correct unattended format to their Bank. Replacing card-not-present (CNP) payment processing at unattended locations.
(Australian) EMV compliance mandates all card readers for real time payments at merchant unattended terminals need to be upgraded and EMV complaint by the 1st April 2013 deadline. Failure to comply may result in financial penalty, liability shift to the merchant for fraudulent transactions and an increase in merchant fees.