This Financial Insights NewsFlash discusses the implementation status of Europay/MasterCard/Visa (EMV) chip cards in Asia. Chip cards, or smart cards, are plastic cards that hold an integrated circuit for increased functionality and security. In 1993, the then three major global payment organizations ? Visa, MasterCard, and Europay ?introduced the EMV standards, a common set of standards for smart card?based payment applications. The alliance also issued compliance deadlines, as shown in Table 1, stating that once the deadline for a region had passed, all liability in card transaction would shift from the issuer to the acquirer or retailer if they were a non-EMV-compliant party.

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