EMV

Retailers must decide if they will heed this call and do the right thing by investing in the security we need today and the innovation of tomorrow, contends Jeff Tassey, executive director of the Electronic Payments Coalition.

China UnionPay has qualified FIME’s personalization validation tool (PVT), marking the Chinese payment brand’s first certification of an overseas lab for testing its secure chip products.

Only the collective efforts of cardholders, issuers, merchants and acquirers will significantly impact payment fraud, writes Stephanie Ericksen, vice president of identity and risk products for Visa.

A direct correlation between the chip migration and rampant merchant data breaches is hard to prove. But experts say retailers' prioritization of EMV compliance contributed to other payment card security gaps, leading to the current high level of merchant data breaches.

Small and midsize businesses (SMBs) are adapting to digital payments technology at slower speeds and for different reasons than larger enterprises. Cash and checks still account for almost half of all SMB payments, and SMBs have lagged behind other merchants in the U.S. shift to EMV technology.

Card issuers have long feared that third-party mobile wallets would erode their brand power by rendering them an invisible part of the payment process — and issuers like Barclays and TD Bank are finding ways to fight back.

Transport players are faced with several opportunities to meet both the rising expectations of end users and tap in to new revenue streams. The time to innovate is undoubtedly now, writes Myung-Hwa Calais, transport market director at FIME.

American Express has issued a series of deadlines for merchant acquirers in markets outside of the U.S. in an attempt to jolt the global migration.

Contactless payments have become increasingly popular in the U.K. over the past couple of years due to the advantages they offer in terms of speed and ease of payment — but despite this, much of the U.K. public does not trust the format.

PCI compliance can't solve all security problems. EMV, encryption are all necessary to protect merchants from data breaches, writes Jeff Zimmerman, COO of Clearent.

Resourceful crooks will relentlessly probe systems, processes and people until they find a weakness or an opportunity. That weakness is the magnetic strip that still exists on all EMV cards, according to Nathan Horn-Mitchem, senior vice president and chief information security officer at Provident Bank.

The card networks recently admitted what consumers have long suspected—card signatures have become worthless for authentication at the point of sale. But that's not the end of this story.

KFC is finally converting its point of sale terminals to accept EMV chip cards, opting for a semi-integrated system to accept all payment types.

There are still millions of merchants in the U.S. clinging to relic point of sale methods — and they are not easily swayed by fancy new touchscreens and mobile wallets. This means companies such as Verifone must go to greater lengths, just to meet them halfway.

As gas stations add EMV-chip card acceptance at the pump, they will also find themselves rebuilding systems for loyalty programs and special offers that were reliant on their older hardware.

Many of the same protections for mobile payments, such as tokenization and single-use keys, can come into play to protect in-car payments, according to Jim Carroll, chief technology officer at Mobica.

Banks and cardholders will be able to verify purchases, increase credit limit, add cards immediately, provide feedback to retailers, receive on-demand coupons, or upgrade card benefits.

NMI, which provides payments gateway services for resellers of payment services, has purchased U.K.-based Creditcall to expand its EMV and contactless capabilities so it can support retail, e-commerce, mobile and unattended payments through a single platform.

There’s a widely held belief that clamping down on fraud in one area will lead to it popping up somewhere else. There is some truth to this — fraudsters favor the points of least resistance. But there are also major exceptions.

There are still regions where contactless and EMV cards are slow to roll out, and Mastercard is working to bring these markets up to speed so that they are ready for future innovations.