News about Liability shift.
July 21st, 2016
There were 326.8m chip cards in the US as of the end of June 2016, exceeding the number of people who live in the country, Visa has reported. “The US added more than 100,000 chip-enabled merchant locations in June, bringing the total to 1.3m, or about 28% of the total merchant population,” the payment network says. “More than three-quarters of those chip-ready locations are small and medium-sized businesses. In June, one in four dollars spent in-store on a Visa card was spent with a chip card in a chip terminal.” The number of Visa chip payment transactions hit 483m in June.
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.
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.
October 5th, 2015
Some 43% of small business owners in the US are familiar with EMV cards, Capital One’s Spark Business Barometer has found, but just a third (34%) of those were accepting EMV cards as of August 2015. 54% of those familiar with EMV are “unaware” that businesses will be liable for fraudulent charges incurred on other payment systems and 6% will increase investment in digital payment solutions such as Apple Pay.
October 2nd, 2015
PARTNER NEWS: Conformance testing specialist Clear2Pay Open Test Solutions has received certification from major payment networks for a suite of solutions and services that are designed to make it easier for US merchants, VARs and payment…
October 1st, 2015
More than six in ten US credit card holders don’t yet have a chip-enabled card, a survey conducted by CreditCards.com with Princeton Survey Research Associates International reveals. “Just 32% of respondents said they have a credit or debit card with a smart chip,” the company says. The findings come as the EMV liability shift takes place across the US today.
September 21st, 2015
Only 27% of US merchants will be EMV-ready by the October liability shift, representing a seven percentage point decline from a 34% estimation in March, research from The Strawhecker Group (TSG) reveals. “By December 2015, 44% of US merchants are expected to adopt EMV, however, EMV-readiness will not reach a threshold of at least 90% until 2017 — more than 15 months after the shift,” the company says.
August 7th, 2015
Only 49% of small business owners in the US that accept point-of-sale card payments today are aware of the EMV liability shift on October 1, with just 29% intending to make the change before the deadline and 34% intending to do so afterwards.
July 31st, 2015
Some 42% of US IT decision makers have taken no steps or are unaware of any progress being made in the migration towards EMV, research from Randstad Technologies finds, with only 58% actively preparing in time for the October liability shift deadline. “A majority indicated little concern for the magnitude of risk associated with missing the deadline,” it adds.
November 14th, 2014
Visa will not charge a fee to card issuers making use of its tokenization service until at least the end of 2015 and may or may not charge a separate fee for the service in…
June 10th, 2014
Some 70% of US credit cards and 41% of debit cards will be EMV enabled by the end of 2015, according to a new Aite Group report, but the majority will be contact cards rather…
August 9th, 2011
“The adoption of dual-interface chip technology will help prepare the US payment infrastructure for the arrival of NFC-based mobile payments by building the necessary infrastructure to accept and process chip transactions that support either a signature or PIN at the point of sale,” says the payments giant.