NFC, or Near-Field Communication, is a form of e-payment that is available for use with NFC marked credit and debit cards as well as virtual wallets like Google wallet and Apple pay
With its dynamically encoded chip, EMV technology will help protect cardholder data much better than a traditional credit card would.
What are EMV Cards & Terminals?
EMV stands for EuroPay-Mastercard Visa, and has long been in-use in European countries and Canada. Instead of a magnetic stripe on the back of the card, EMV cards contain a microprocessor chip that stores cardholder data, making it hard for cardholder information to be decoded and used to commit crimes involving fraud and counterfeit card production. To accept EMV cards, every business in the US with a magnetic swipe terminal will need to convert to an EMV solution. Instead of swiping a card, customers with either place the card over the NFC reader on the front of a terminal or insert it in to a slot and then be asked to confirm the transaction with a PIN number and/or a signature.
When Will EMV Liability switch to your business?
Liability will shift in US stores beginning October 1st 2015. EMV options are available now. We recommend that you update to an EMV option today to avoid facing liability issues.
What Are the Risks of Not Accepting EMV Cards?
Liability is the biggest risk. If an EMV card were presented to a merchant not equipped with EMV terminals, liability for counterfeit fraud may shift to the merchant’s acquirer. Merchants will also be responsible for CNP [Card Not Present] fraud unless participating in authentication programs enhanced by EMV.
What Are the Benefits of Accepting EMV Cards?
- Liability protection
- Enhance safety of customers’ buying power
- Rise of productivity
- Expenses saved
According to the Smart Card Alliance, these issuers are issuing, or have announced plans to issue EMV cards:
- American Express
- Andrews Federal Credit Union
- Bank of America
- JPMorgan Palladium Card
- JP Morgan Select Visa Signature card
- Chase Hyatt Visa Signature Credit Card
- Chase British Airways Visa Signature Credit Card
- Citi Commercial Cards
- Citi ExecutiveSM / AAdvantage® Card
- Fifth Third Bank
- Jack Henry & Associates Payment Processing Solutions
- PSCU Financial Services
- Silicon Valley Bank
- Star One Credit Union
- State Employees Credit Union
- Travelex Cash Passport
- United Nations Federal Credit Union
- U.S. Bank
- Wells Fargo