Verifone VX510 Ethernet Manual
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.
There are an estimated 1.24 billion payment cards and 15.4 million POS terminals currently in use, most of them in other countries. Making global financial transactions work across many cards and devices are smart chips embedded within new EMV-compliant credit and debit cards. These chips make interfacing with the various POS terminals possible. However, the EMVCo standard has yet to be adopted globally, a situation that the Payment Networks’ EMV migration roadmap for the US intends to correct. To date, Europe, Canada, Latin America, and the Asia/Pacific region are all well on their way with migrating from the legacy magstripe standard to EMV chip card technology. The U.S., the world’s single largest user of payment cards, has just begun the process. However, the potential impacts of being the last bastion of magstripe technology is forcing U.S. financial entities to take the idea seriously.
The main driver behind the EMV migration is card-related financial fraud. Despite the best efforts of global law enforcement agencies, global losses have risen steadily, increasing pressure to find a global solution. Annual costs of card fraud in the U.S. alone are estimated at $8.6 billion per year. Experts believe that figure will rise to $10 billion or higher by 2015, especially if the U.S. does not make significant progress with chip card adoption.
