The payments industry is full of abbreviations and acronyms. Let’s take a look at the 5 most common ones we use and their definitions.
- PCI DSS stands for Payment Card Industry Data Security Standard – A set of security requirements for all businesses that handle payment cards, including merchants and software developers of applications that handle payment card data.
- P2PE is the acronym for point-to-point encryption. P2PE ensures sensitive cardholder data is protected from first card swipe or key-entry, while in transit, all the way to the payment processor. Encryption renders the credit card data so that it is unreadable and valueless should it become intercepted during the transaction life cycle.
- POE, known as Point-of-Entry is the initial instance when cardholder data enters the point of sale through a payment device by swiping or manually keying a payment card.
- CDE stands for cardholder data environment. A merchant’s CDE is made up of all of the components used to process, store, or transmit cardholder data.
- EMV stands for Europay, MasterCard, and Visa. Named for the organizations that originally backed the initial development, EMV is the transaction protocol that uses microchips on payment cards to authenticate the card vs. traditional magstripe data.