News about EMV.
May 26th, 2016
MasterCard is working with other payment networks, acquirers and processors to develop a standard that will reduce EMV checkout times. “These efforts will be based on the company’s M/Chip Fast solution,” MasterCard says. “It builds on the principles of contactless or tap and go technology, helping to speed EMV transactions and shoppers through checkout lines. Testing and certification for M/Chip Fast is streamlined for efficient adoption.” The company unveiled M/Chip Fast in April 2016.
May 19th, 2016
Fitness wristband maker Fitbit has acquired the wearable payment assets of connected device maker Coin in a move that will enable the company to add NFC payment capability to its future devices.
May 13th, 2016
A white paper that sets out the advantages of bringing outsourced or delegated EMV card processing back in-house and explains how taking an integrated approach to physical and digital card issuing and processing will deliver cost savings is now available to download from the NFC World+ Knowledge Centre. ‘The Case for In-Sourcing EMV’ has been produced by Proxama and aims to help clarify the benefits of in-house processing to card issuers.
May 11th, 2016
US supermarket giant Walmart has filed a lawsuit against Visa for “allegedly forcing the retailer to let customers use signatures when paying with their chip-based debit cards,” according to CNBC. “The retail giant filed a lawsuit in New York court, saying that Visa wouldn’t allow Walmart to just use the chip & PIN protocol and that it was required to allow customers to sign when using a chip debit card,” the CNBC website reports. The EMV liability shift took place across the US in October 2015.
May 5th, 2016
The EMV Migration Forum has released a white paper that explains the requirements for testing and certifying contact and contactless chip-enabled terminals and details the most up-to-date requirements and processes from the global payment networks. The ‘EMV Testing and Certification White Paper: Current Global Payment Network Requirements for the US Acquiring Community’ identifies use cases when testing or retesting is required for EMV chip and contactless terminals, when retesting is recommended as best practice and when only standard internal testing is advised.
May 5th, 2016
The State Bank of Vietnam has instructed banks to “quickly carry out a plan to convert all magnetic cards into chip cards to prevent fraud”, according to Vietnam News. “Besides security, the conversion to the new card is also meant to get infrastructure ready for the application of new payment technologies in the near future,” the publication reports. “Five banks will be chosen to trial the conversion and other banks will follow suit.”
May 3rd, 2016
PARTNER NEWS: NFC and mobile payments pioneer Proxama has completed the integration of Discover’s D-Payment Application Specification (D-PAS) contactless product into its EMV enablement solution. The EMV solution will support the roll out and use of chip cards from multi-purpose charge card provider Diners Club South Africa.
April 28th, 2016
MasterCard has unveiled M/Chip Fast, a technology advancement designed to help speed up EMV transactions at the checkout. “A shopper inserts his or her card into an M/Chip Fast-enabled terminal,” the company explains. “M/Chip Fast provides counterfeit fraud protection by creating a unique code for each transaction. Once the code is generated, the card can be removed from the reader.” The announcement follows the unveiling of Visa’s Quick Chip for EMV service.
April 26th, 2016
PARTNER NEWS: Prepaid card processor Tutuka has begun the implementation of digital payment solutions provider Proxama’s Digital Enablement Platform (DEP) for a fully independent cloud-based payment (CBP) solution in the Middle East, Asia and Africa. “Proxama will…
April 21st, 2016
Customers of First Investment Bank (Fibank) of Bulgaria can now make host card emulation (HCE) based payments through its mobile banking app using a digital card supplied by MasterCard. The service makes use of technology supplied…
April 20th, 2016
Visa has launched Quick Chip for EMV, a technology enhancement that speeds up the checkout time when paying with an EMV card. “The Quick Chip specification is available free-of-charge to payment processors, acquiring banks and other payment networks to offer to merchants,” Visa says. “The upgrade streamlines the processing of chip card transactions to enable customers to dip and remove their EMV chip card from the terminal, typically in two seconds or less — several merchant processors, terminal providers and vendors plan to implement and offer Quick Chip in the coming months.”
April 20th, 2016
A 26-page white paper that explores tokenization, how it is implemented and the role of token service providers (TSPs), token vaults and token domains is now available to download from the NFC World+ Knowledge Centre. ‘Tokenization — Everything You Need to Know’ has been produced by Bell ID with the aim of educating issuers about the technology, with a specific focus on how tokens can be used to protect payments.
March 24th, 2016
A white paper that examines the advantages of using new, digital PIN delivery mechanisms to replace traditional PIN mailers is now available to download from the NFC World+ Knowledge Centre.
March 16th, 2016
The American Bankers Association’s Card Policy Council is calling for all consumer-facing industries to implement the latest payment protection technologies, including EMV chip cards, tokenization and biometrics. “We invite retailers to partner with banks by taking common sense measures like activating their chip credit card readers and accepting secure mobile wallets,” says the Card Policy Council’s Jess Sharp.
March 4th, 2016
Visa has updated its cloud-based payments specifications to include a requirement for issuers to migrate from alternate PANs to tokenization, NFC World has learned. Alternate PANs are used by most of the issuers that have…
February 25th, 2016
Some 37% of US merchant locations are now EMV-ready, according to management consulting firm The Strawhecker Group (TSG). “TSG’s previous survey of payment processors and other payment providers completed last September estimated that over 40% would be EMV-ready by this time, showing a slower pace of implementation than expected before the shift,” the company says. 50% of US merchants are expected to support EMV by June this year.
February 25th, 2016
A total of 1.09bn people will be making mobile proximity payments globally by 2019, of which 939.10m will be made through NFC, Ovum’s new m-payments forecast reveals. The total transaction value of mobile proximity payments will grow from US$4.77bn to $141.21bn over the same time period.
February 23rd, 2016
Limited merchant acceptance points, fragmentation and consumer concerns over security and privacy will remain “substantial hurdles” to mobile payments at the physical point of sale in 2016, according to analysts at the Federal Reserve Bank of Atlanta. Fingerprint, facial and iris recognition will dominate as the most-used biometrics, a blog post by the reserve bank’s Retail Payments Risk Forum also predicts, although the technology is expected to “face critical adoption challenges”. EMV will pick up pace in the year ahead, the forum adds, while ACH same-day service will “not be a huge hit”.
February 18th, 2016
PARTNER NEWS: Bell ID has added support for Android Pay to its Token Service Provider (TSP) solution, allowing its customers at issuing banks, payment schemes and processors to keep tokenization and detokenization in-house when they offer secure NFC payments on Android phones using Google’s payment system.
February 1st, 2016
NFC World is pleased to welcome NFC and mobile payments pioneer Proxama as a member of its partner program. The company was involved in some of the world’s first NFC payments projects and now offers…