September 1, 2015
Get in Gear for EMV
The U.S. EMV migration liability shift date, October 1, 2015, is almost here. Are you on the road to EMV chip card acceptance? Earlier this year, we shared a road map to give merchants and independent software vendors (ISVs) a quick look at how to get ready for EMV. Now, we’re sharing the steps merchants, ISVs, banks, and processors need to follow on the home stretch to EMV. Click here to learn what to do to accept EMV cards.
What Is the U.S. EMV Migration?
The four major card brands, Visa, MasterCard, American Express, and Discover, have all designated October 1, 2015, as the U.S. EMV liability shift date. After that date, merchants should begin to see increasingly more consumers paying with credit and debit cards with microchips on them.
Cards with EMV microchips will interact differently with payment terminals, requiring customers or merchants to insert or “dip” the card into the payment terminal instead of swiping the magnetic stripe. Compared with a magnetic stripe credit or debit card, an EMV card will provide better authentication of the card or the cardholder, so it is expected to reduce the number of fraudulent transactions accepted at card-present points of sale.