Editing Smart card (section)

=== EMV ===
{{further|EMV}}
Europay MasterCard Visa (EMV)-compliant cards and equipment are widespread with the deployment led by European countries. The United States started later deploying the EMV technology in 2014, with the deployment still in progress in 2019. Typically, a country's national payment association, in coordination with [[MasterCard]] International, [[Visa Inc.|Visa]] International, [[American Express]] and [[Japan Credit Bureau]] (JCB), jointly plan and implement EMV systems.

Historically, in 1993 several international payment companies agreed to develop smart-card specifications for [[debit card|debit]] and credit cards. The original brands were MasterCard, Visa, and [[Europay]]. The first version of the EMV system was released in 1994. In 1998 the specifications became stable.

EMVCo maintains these specifications. EMVco's purpose is to assure the various financial institutions and retailers that the specifications retain backward compatibility with the 1998 version. EMVco upgraded the specifications in 2000 and 2004.<ref>{{Cite web |url=http://www.emvco.org/ |title=EMVco |access-date=7 January 2006 |archive-date=5 June 2020 |archive-url=https://web.archive.org/web/20200605053314/https://www.emvco.com/ |url-status=live }}</ref>

EMV compliant cards were first accepted into Malaysia in 2005<ref>{{cite news|url=http://www.therakyatpost.com/business/2015/10/14/us-learns-from-malaysia-10-years-later/|title=US learns from Malaysia, 10 years later|newspaper=The Rakyat Post|access-date=30 December 2016|archive-date=20 March 2019|archive-url=https://web.archive.org/web/20190320073413/http://www.therakyatpost.com/business/2015/10/14/us-learns-from-malaysia-10-years-later/|url-status=dead}}</ref> and later into United States in 2014. MasterCard was the first company that was allowed to use the technology in the United States. The United States has felt pushed to use the technology because of the increase in [[identity theft]]. The credit card information stolen from Target in late 2013 was one of the largest indicators that American credit card information is not safe. Target made the decision on 30 April 2014 that it would try to implement the smart chip technology to protect itself from future credit card identity theft.

Before 2014, the consensus in America was that there were enough security measures to avoid credit card theft and that the smart chip was not necessary. The cost of the smart chip technology was significant, which was why most of the corporations did not want to pay for it in the United States. The debate finally ended when Target sent out a notice<ref>{{Cite web|url=https://corporate.target.com/article/2013/12/important-notice-unauthorized-access-to-payment-ca|title=A message from CEO Gregg Steinhafel about Target's payment card issues|access-date=14 March 2021|archive-date=25 February 2021|archive-url=https://web.archive.org/web/20210225030644/https://corporate.target.com/article/2013/12/important-notice-unauthorized-access-to-payment-ca|url-status=live}}</ref> stating unauthorized access to magnetic strips<ref>{{Cite news|url=https://www.npr.org/sections/alltechconsidered/2014/01/23/264910138/target-hack-a-tipping-point-in-moving-away-from-magnetic-stripes|title=Target Hack a Tipping Point in Moving Away from Magnetic Stripes|publisher=NPR|access-date=14 March 2021|archive-date=13 April 2021|archive-url=https://web.archive.org/web/20210413132845/https://www.npr.org/sections/alltechconsidered/2014/01/23/264910138/target-hack-a-tipping-point-in-moving-away-from-magnetic-stripes|url-status=live}}</ref> costing Target over 300 million dollars along with the increasing cost of online credit theft was enough for the United States to invest in the technology. The adaptation of EMV's increased significantly in 2015 {{clarify span|text=when the liability shifts occurred in October by the credit card companies.|reason=What “liability shifts”?|date=May 2023}}{{citation needed|date=May 2023}}