EMV = EuroPay MasterCard and Visa
Time is running out for merchants to adopt EMV (EuroPay MasterCard and Visa) standards.
Starting Oct. 1, merchant liability for payment card fraud will increase, unless they can process payments with microchip-based cards. If they don’t have the capability to process payment through the chip, they become responsible for fraudulent transactions involving those cards.
The liability currently belongs to card issuers, but that ends when American Express, Visa, MasterCard and Discover adopt the EMV standards in October.
EMV aims to prevent credit and debit card fraud by placing computer chips in payment cards primarily for security reasons.
Payment card fraud is expected to hit $10 billion in the U.S. alone this year, so the stakes are high.
Merchants who aren’t ready for the shift take a big risk, which POS dealers, developers and integrators can help them avoid with EMV-capable solutions.