PRINCETON JUNCTION, N.J., December 16, 2014 – The new year will bring a new way to pay in-store for many U.S. consumers, with 600 million new EMV chip cards expected to reach their wallets and increasing acceptance of the cards at retail stores. The EMV Migration Forum explains what you need to know about the changes that are coming with this secure payment technology in the new infographic “EMV Chip Cards: The Future of Payments.”
“2015 is set to be a milestone year as the U.S. accelerates its move to chip payments. As such, now is the time to start ramping up efforts to educate retailers, issuers, consumers and the media on chip technology, its security benefits and the changes to the payment process,” said Randy Vanderhoof, director of the EMV Migration Forum. “The Forum developed this resource to be a high-level, easy-to-read visual guide to the must-know facts about chip technology and the U.S. migration. We think this will be a particularly useful aid for payment stakeholders in building their own educational materials on chip payments.”
The infographic is designed to answer the most pressing questions regarding chip payments, including:
- Why is the U.S. migrating to chip technology?
- When is the migration happening?
- How do chip cards prevent in-store counterfeit card fraud?
- What types of changes should consumers expect to see relating to using their cards at in-store terminals?
- How does a consumer conduct a chip transaction?
To answer the last question, the Forum developed a section of the infographic to help merchants and card issuers in their efforts to educate themselves and their customers on the best practices for using the new chip cards in a retail environment. The infographic takes viewers through the four main steps of a chip transaction at the retail point-of-sale (POS). It highlights that consumers should follow terminal prompts and leave their chip card inserted in the terminal for the duration of the transaction.
Source: EMV Migration Forum
About U.S. EMV Migration
Commonly used globally in place of magnetic stripe, EMV chip technology helps to reduce card fraud in a face-to-face card-present environment; provides global interoperability; and enables safer transactions across contact and contactless channels. EMV implementation was initiated in the U.S. market in in 2011 and 2012 when American Express, Discover, MasterCard and Visa announced their roadmaps for supporting an EMV-based payments infrastructure. Acquirer processor readiness mandates to support EMV were established for 2013, with liability shifts for managing fraud risk in a face-to-face environment set for 2015.
About the EMV Migration Forum
The EMV Migration Forum is a cross-industry body focused on supporting the EMV implementation steps required for global and regional payment networks, issuers, processors, merchants, and consumers to help ensure a successful introduction of more secure EMV chip technology in the United States. The focus of the Forum is to address topics that require some level of industry cooperation and/or coordination to migrate successfully to EMV technology in the United States.
This is a press release