Thursday , March 28, 2024

Smart Cards

EMV Still Lifting VeriFone as Retailers Convert and the Oil Sector Begins Switchover

The conversion of U.S. mall and Main Street retailers to EMV chip card acceptance continues to lift VeriFone Systems Inc.’s North American revenues, but now the leading U.S.-based point-of-sale terminal maker and payment-services provider is getting ready for a rush of orders from petroleum marketers preparing to meet a key …

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A Peek at One Processor’s Early EMV and Mobile Transactions Yields Some Surprises

An analysis of recent credit and debit card transaction data by credit-union services organization The Members Group gives some interesting insights about the penetration of two new payment channels in the U.S.—EMV chip cards and mobile payments. For example, EMV transactions amounted to 26% of all transactions that TMG processed over …

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Retailers, Restaurants Outpace Other Merchant Types for Awareness of EMV And Liability

Retailers and restaurants have a higher degree of awareness about EMV and its accompanying liability shift than other merchant types, finds the Paychex Small Business Survey, released Tuesday. In the survey of more than 760 small-business owners between Oct. 14 and Oct. 27, 69% of those in retail and restaurants …

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Of Two Minds on EMV: Consumers Like the Security, but Many Are Annoyed at Checkout

New findings about the public’s attitudes toward EMV chip cards and their disruptive potential show consumers appreciate the improved security over magnetic-stripe card payments. Still, many consumers are bothered by the new transaction processes, enough so that some will avoid stores where they know they have to insert a chip …

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Visa Says It’s ‘Extremely Encouraged’ by Results From EMV’s First Official Month

Visa Inc. on Tuesday reported U.S. EMV chip card statistics for October, the first month in which the payment card networks’ EMV liability shifts for point-of-sale transactions took effect. The numbers show EMV’s footprint is still small, but growing rapidly. There are now 180.6 million Visa-branded chip cards in the …

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Cinnabon Adding Revel Systems POS Tablets With EMV And Apple Pay Acceptance

Treat retailer Cinnabon is installing iPad-based point-of-sale systems made by Revel Systems Inc. in anticipation of the EMV migration. The devices also will enable Apple Pay acceptance, Revel Systems announced Wednesday. In addition to EMV and mag-stripe cards, Revel Systems devices also accept near-field communication (NFC) payments made with Apple …

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ACI Study Suggests the Heralded Increase in Online Fraud Attempts Is Happening

Veterans of the e-commerce, risk-control and payment card industries all have been predicting that fraudsters will turn their attention to card-not-present channels as the U.S. shifts to EMV chip card payments and thus makes counterfeiting at the point of sale harder to commit. Now a new study by ACI Worldwide …

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Card Manufacturer CPI Card Group’s Chip Card Orders Boom During EMV Switchover

As it has for other suppliers to the payment card industry, the conversion of U.S. card payments from security-challenged magnetic-stripe cards to the EMV chip card standard is providing a windfall for leading U.S.-based card manufacturer CPI Card Group Inc. In its first earnings report as a publicly traded company, …

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Now That the Big Risk Shift Has Taken Place, Get Set for EMV Non-Compliance Fees

Now that merchant acquirers, and, by extension, merchants, are liable for certain kinds of fraud losses if the merchants aren’t prepared for EMV chip cards, acquirers are starting to put in place EMV non-compliance fees to cover their new risk exposure. One of the first to move on this is …

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House Panel Hears How EMV Rings Up a Big Tab for Some Small Businesses

Implementing EMV chip card payments can be anything but a cheap and easy plug-and-play for small businesses, according to testimony several merchants gave before a U.S. House of Representatives committee Wednesday. Art Potash, chief executive of Potash Markets, a 65-year-old family-run Chicago grocery operation with three stores, told the House …

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