The London payments company hopes that doing so will limit its exposure to fraud by alleviating the need for people with EMV cards to initiate purchases with signatures. The move was announced last week.
Yespay recently completed the EMV certification process for its Emboss card payment services with the U.S. merchant processors Chase Paymentech Solutions LLC and Kohlberg Kravis Roberts & Co.'s First Data Corp. Emboss is designed to manage the authorization routing and settlement of EMV credit and debit card transactions, said Chandra Patni, Yespay's chief executive.
Last week, Yespay's Emboss platform became Canada's first EMV card-acceptance service certified by Chase Paymentech.
Some U.S. merchants, including Wal-Mart Stores Inc., have said they would like to see the U.S. migrate to EMV technology.
Yespay charges merchants monthly fees based on transaction volume. For up to 500 transactions per month, merchants usually pay about $25.62, the company said.
Enabling U.S. merchants to accept EMV will help fight fraud, said Wesley Wilhelm, a senior analyst at Aite Group. "When international consumers come to the U.S. to transact business, chip and PIN is a far more secure environment," he said.
