09 Aug 2019
To strengthen security in digital transactions, the Association of Banks in Cambodia (ABC) and Visa yesterday signed an agreement enabling the use of the EMV payment method in the Kingdom.
EMV – which stands for Europay, Mastercard and Visa – is a payment method based upon a technical standard for smart payment cards and for payment terminals and automated teller machines that can accept them.
It is the global standard for chip-based credit and debit transactions, helping to maximise security and preventing the card from being counterfeited and being used by someone else if lost or stolen.
EMV cards are smart cards that store their data on integrated circuits in addition to magnetic stripes. These include cards that must be physically inserted into a reader, as well as contactless cards that can be read over a short distance using near-field communication technology.
At Wednesday’s ceremony, Visa said the agreement paves the way for EMV to be widely used in the Kingdom, including chip for enabled-cards, ATMs, and point-of-sale terminals, ensuring they meet international chip standards.
Speaking at the ceremony, Chris Clark, Visa president for Asia Pacific, said the adoption of Visa’s EMV standards will help the banking sector combat counterfeiting and fraud and represents an important step forward for the industry.