All About Payment Security Standards:PCI Vs. EMV Compliance!

As a merchant, it’s critical for you to understand the different payment security standards. Failure to do so can result in potential fines, breaches and loss of brand trust.

The two payment security standards that cause the most confusion among merchants and retailers are PCI and EMV payment security standards.

Both PCI and EMV compliance focus on making card-present transactions more secured. And, there are solutions available in market that address both.

PCI Vs. EMV Compliance

Consequently, because of these entailing overlaps, it becomes hard for merchants to distinguish between the two sets of security standards. Regardless, there exists some crucial distinctions that can help you easily understand the nuances of the two payment security standards and establish where you stand in terms of compliance for both.

What is PCI Compliance?

PCI stands for Payment Card Industry Data Security Standards. It covers protocols that are directed towards ensuring that card data remains secured and is not stolen.

There are different levels of PCI compliance, defined as per the volume of card transactions you perform and the type of business you run. Business owners are required to complete a Self-Assessment Questionnaire (SAQ) to determine which level of PCI compliance applies to them and their business.

What is EMV Compliance?

EMV is short for Europay, Mastercard and Visa. It focuses on security elements of a transaction that make a potential breach useless.

EMV is a relatively newer payment security standard than PCI (although PCI standards are revised from time to time) and is yet to be fully embraced across all industries and business types. There are no levels in EMV compliance and the protocols are same for all businesses.

So looking back at what the two security standards entail, if we’re to summarize the primary difference between PCI and EMV compliance:

PCI compliance is concerned with protection measures that ensure card data is not stolen and is secure to begin with. EMV compliance on the other hand deals with security elements of a transaction that focus on rendering the stolen card data as non-reusable.

In simpler words, PCI compliance prevents card data theft, while EMV compliance prevents counterfeiting of card information.

Another important distinction between PCI and compliance is, PCI compliance is mandatory while EMV compliance is not. If you’re a retailer who does not accept EMV card payments, should a breach happen at your shop, you’ll be liable to pay for the fraud. On the other hand, if your store is not PCI compliant, you’ll be subjected to heavy fines and penalties regardless of fraud.

Is your business PCI and EMV compliance?

Not sure?

Reach out to us; our POS solutions design experts will be happy to guide you in your assessment process.

In cases where there’s a potential loophole, our experts also provide customizable POS solutions to help you build a secured payment environment for your business.

A BONUS read:Digital Wallets in Retail – The Adoption that Makes Sense in Every Way

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