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EMV
Within a few years, the lion’s share of all credit cards in the world will be smart cards with integrated electronic chips. The work being carried out, mostly on the grounds of security, goes by the name of EMV, an abbreviation for “Eurocard, Mastercard, VISA”, the instigators of the project. It started back in 1994 and comprises a gradual replacing of the technology used in more than a billion credit cards, and it also involves a considerable shift in responsibility when making credit card transactions, since from January 2005 card issuers in large parts of the world will themselves have to take responsibility for all the transactions still made with the old magnetic cards.
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