PRINCETON JUNCTION, N.J. -- The U.S. Payments Forum's new status report on the U.S. EMV chip migration offers changeover updates to help retailers make the move to the new technology sooner and cheaper.
The release includes updates on the progress of the U.S. EMV chip migration—the credit- and debit-card technology update required by Europay, MasterCard Visa—and priorities to help facilitate speedy merchant chip enablement, in addition to information on preventing fraud in the card-not-present channel, which includes online and mobile payments.
Here are three takeaways from the report ...
Making the switch to EMV
The report said that about one-third of U.S. merchant locations can now accept chip payments and 79% of ATMs will have completed the switch by the end of this year. The forum will work to assist retailers who have run into post-implementation problems and educate any segments that face roadblocks to implementation.
Randy Vanderhoof, director of the U.S. Payments Forum, said the group is focusing on assistance and education programs for the ATM and petroleum industries, among others.
The petroleum sector
The forum addresses the recent extension of the EMV activation date and what it means for the petroleum industry. Vanderhoof cautioned those in the industry to take advantage of the extension and use the extra time to “complete the hardware and software upgrades at the pump to make sure their outdoor environments are enabled to accept chip as quickly as possible to avoid fraud risk.”
The group also is offering help and education opportunities to payment-technology providers serving the petroleum industry.
Lastly, the report said that the forum’s Card-Not-Present Fraud Working Committee and Mobile and Contactless Working Committee are releasing projects to provide information on how to secure these channels and help to address challenges implementing mobile payments. The committees aim to spread their assistance and address issues across industries.
The Princeton Junction, N.J.-based U.S. Payments Forum, formerly the EMV Migration Forum, is a cross-industry body focused on supporting the introduction and implementation of new and emerging technologies that protect the security of and enhance opportunities for payment transactions within the United States.