What it is
The Application Label is a short human-readable mnemonic for the application (for example "VISA" or "DEBIT"). The terminal may display it during application selection when the cardholder must choose between multiple applications.
It uses a restricted character set (a–z, A–Z, 0–9 and space). Where present, the Application Preferred Name (tag 9F12) together with the Issuer Code Table Index takes priority for display.
Where it appears
Read from the card during application selection; used for cardholder-facing display.
Specification reference
Defined in: EMV 4.x Book 3 (Application Specification), Annex A — Data Element Dictionary