In 2016, the retail and finance ecosystem was shaken up with the US introduction of EMV, the global credit card chip technology retailers were required to use when consumers made in-store purchases.<\/p>\n\n\n\n
In years leading up to 2016, highly visible credit card fraud schemes surged. Privacy and fraud were top of mind for everyone in the supply chain, from retailers and payment providers that facilitated the transactions to the consumers who ultimately suffered the most. The industry recognized that substantial changes and a standardized approach were needed for greater consumer protections, and EMV \u2013 named after Europay, MasterCard and Visa, which created the standard \u2013 was rolled out.<\/p>\n\n\n\n