Is Your POS Ready for The New Ways To Pay?
Visa recently announced new liability shift dates for its EMV (Europay, MasterCard and Visa) roadmaps that will affect merchants and Point of Sale (POS) terminals, as well as banks, credit unions and independent automated teller machine (ATM) deployers, Mobile Payments Today reported.
According to Visa, first mover on EMV in the U.S., the newly added dates ensure that by 2017, a single global liability policy will be in place that encourages chip-on-chip (EMV chip card read by an EMV chip card reader) transactions at both the POS and ATM. Effective April 1, 2015, U.S. third-party ATM acquirer processors and sub-processors must be able to support EMV chip data. A graduated schedule follows for other parts of the world.
To facilitate this, Visa also plans to share some of its proprietary EMV technology with the industry. Jim McCarthy, Global Head of Product at Visa Inc., said, “Visa’s expanded roadmap creates an environment in which new forms of electronic payment can flourish, offering security, convenience and flexibility to consumers, merchants, and issuers. As part of our commitment, we are offering the industry a common U.S. debit solution that will streamline implementation of secure EMV chip technology and advance the U.S. marketplace towards next generation payments, including mobile payments.”
The goal is to simplify EMV implementation for debit, reduce migration costs and increase flexibility for card users, acquirer processors and merchants, per a Visa statement.
The U.S. is expected to migrate credit and debit card authentication transactions from magnetic strip to EMV as part of the effort to incorporate Near Field Communication (NFC) into payment technology. NFC is broadly defined as short-range wireless interaction in consumer electronics, mobile devices and PCs. For more on Near Field Communication, visit the NFC Forum.
Many merchants required to upgrade equipment to accept the new security standard expect the new devices will be NFC- as well as EMV-compatible. And since most EMV POS devices are NFC-enabled, we may be “seeing the writing on the wall in giant letters: N-F-C,” said Mobile Payments Today. Read the full post here.
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