The U.S. is moving to new chip cards based on a global standard called EMV, already in use in 2.37 billion payment cards worldwide, to enhance in-person payment security for consumers, merchants and issuers.
The U.S. move to EMV chip payments is being driven by the payments industry’s desire to reduce card fraud in a face-to-face card-present environment, provide global interoperability, and enable safer and smarter transactions across contact and contactless channels.
In October 2015, the much-discussed Payment Networks’ Liability Shift associated with EuroPay, MasterCard, and Visa (EMV) is due to take effect in the United States. It’s a major milestone for financial companies (meaning banks and credit unions), credit card issuers, retailers, and more. There is a great deal of information, and misinformation, afloat regarding the US EMV migration roadmap as presented by the Payment Networks. Shedding some light on the realities involved is helpful for everyone concerned.