EMV 101: What You Need to Know Now

EMV 101: What You Need to Know Now U.S. consumers are beginning the migration from traditional mag-stripe credit and debit cards to EMV-based chip cards. Here’s what you need to know now. What it is: EMV stands for Europay, MasterCard and Visa, the global standard for cards equipped with computer chips and the technology used to authenticate chip card transactions. EMV encompasses requirements that ensure interoperability between POS terminals and chip-based payment cards containing embedded microprocessors. Chip cards are intended to provide strong transaction security features and other application capabilities not possible with traditional mag-stripe cards. Read more about what EMV isn't, here. When it’s happening: In the U.S., October 1, 2015 is the point at which liability for fraudulent transactions using counterfeit or stolen credit and debit cards at the point of sale (other than gas pumps) is shifting from issuers to merchants, unless those merchants have migrated to acceptance solutions that accommodate EMV chip cards. Who should care: All merchants are potentially impacted. While there are no legal requirements or penalties for not migrating to EMV-capable terminals, the liability shift could be painful, if not disastrous, particularly for small businesses and those with tight profit margins. Merchants may also be able to take advantage of compliance incentives offered by the major card brands. Why it’s happening: The major card processors have all settled on EMV as a more secure card technology and the U.S. government has mandated that payment cards - both credit and debit - issued by Federal agencies, must support the EMV protocol. Unlike mag-stripe cards, EMV chip cards cannot be duplicated and utilized to complete fraudulent transactions. This will make it harder – if not impossible – to use a counterfeit EMV card at an EMV-accepting payment terminal. Our CSO, Joe Majka, recently talked with PYMNTS.com about why EMV is still not a cure-all for payment security. Where it’s happening: This impacts all U.S. merchants with physical point of sale locations. But EMV is a global standard that has previously been adopted by virtually all developed countries, including Canada. How it works: These cards must have been validated either online by the issuer using a dynamic cryptogram or offline with a terminal. EMV transactions also create unique transaction data, so that any captured data cannot be used to execute new transactions. Additional EMV Resources: CHIP IN: U.S. Chip Card Initiative & Educational Resource EMV Videos on Verifone YouTube Verifone EMV Resource site

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Defining and Living Verifone’s Values

This is my first public blog post.  Ever.  I’ve been on LinkedIn since its early days, and share things there with my professional network.  I’ve spoken at a few conferences, and share ideas with a group of HR leaders that I belong to.  However, this is the first time I’ve felt compelled to write a story and share it with the entire world. Continue reading

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The New Psychology of Contactless in Europe

Contactless payment is shifting retailer and consumer behaviour across Europe. ‘Tap and go’ introduces a whole new psychology, as it removes a number of physical steps when we pay in more traditional ways.  The “pain of paying,” as behavioural economist Dan Ariely explains, is a very conscious moment in the physical payment process that can keep our spending levels in check. Continue reading

Managing Payments Complexity

Whether you’re an ISO, acquirer or merchant, it is virtually certain that your payments environment has become increasingly complex the last couple of years. Advances in device technology – combined with the proliferation of cloud services, mobility and social networks– have created increasingly rapid cycles of innovation and there is no sign that things will slow down. Continue reading

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European Interchange Fee Caps – What Does This Mean?

This month the European Commission recognised a vote by the European Parliament to introduce the adoption of capped interchange fees for payments using debit and credit cards. Coming into effect six months from now, this means a big shake up to the industry’s cost and business models. Currently the European card market is fragmented and interchange fees can differ from country to country, creating imbalance and disadvantages to certain consumer groups while also benefitting others. Continue reading

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The Path to Payments in the UK

Mobile payments are on the move. Presumably, it’s only a matter of time before Apple Pay leaps across the 'pond' from the U.S. to begin the effort to create a global market. With contactless card use and technology deployment on the up in Europe, the foundation is in place for NFC/mobile wallet-based initiatives from all providers. Continue reading