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Nothing like an unexpected chargeback to turn a recalcitrant merchant into an EMV believer. According to new survey results from Javelin Strategy and Research, only 8% of small and so-called micro businesses queried in February who didn’t accept EMV chip cards cited as a reason the lack of a …
Read More »Update on Powa Breakup And Other Digital Transactions News Briefs
• Four directors of cash-strapped Powa Technologies Ltd., including the startup’s founder and chief executive, Dan Wagner, were ousted from the board as long ago as Feb. 19, according to a report on BusinessInsider.com. The news follows the development on Thursday in which accounting firm Deloitte, appointed as administrator of …
Read More »EMV Chargebacks Proving To Be a Card-Present Merchant Problem
Hiccups in the U.S. payment card industry’s monumental shift to EMV chip card technology are beginning to surface, and one problematic area is chargebacks among card-present merchants. That’s the observation from one large merchant-services provider, and it’s corroborated by a recent report from First Annapolis Consulting Inc. containing similar …
Read More »Acquirers Report Varying Levels of Chargebacks in the New EMV Environment
Merchant acquirers are reporting more chargebacks now that the U.S. conversion to the EMV chip card standard is underway, but chargeback exposure varies widely by acquirer. And, so far at least, relatively few of the chargebacks are translating into actual financial losses. That’s the word from First Annapolis Consulting Inc., …
Read More »Payment Card Manufacturer Sees Growing Interest in Dual-Interface Cards
The first chapter in the U.S. conversion to the EMV chip card standard is not even complete, but a leading payment card manufacturer sees growing interest in the next chapter, one that could be centered on so-called dual-interface cards that enable contact and contactless transactions. The vast majority of U.S. …
Read More »With Its EMV Conversion Nearly Complete, Canada’s POS Debit Fraud Falls to New Low
Canada’s Interac Association PIN-based debit card network once again is reporting lower fraud losses as the country’s conversion to the EMV chip card standard nears completion. The Toronto-based network said Thursday that fraud losses from skimming, in which card data are stolen from the magnetic stripe, to financial institutions that …
Read More »Eye on EMV: Merchant Adoption Shortfall; Visa Chip Card Tally Tops 212 Million
Patience, it seems, will be the watchword when it comes to merchant adoption of EMV chip card technology, while the number of cards issued bearing a chip continues to grow. A new report from The Strawhecker Group, a payments consultancy, finds that 37% of U.S. merchant locations are EMV-ready, falling …
Read More »Longer Checkouts for EMV Don’t Seem To Be Fazing Consumers in the Early Going
When the U.S. rollout of EMV cards started in earnest last year, many experts predicted consumers would soon tire of the time-consuming chip-reading routine, putting pressure on the payments industry to usher in contactless EMV and more mobile wallets. But that’s not happening, at least not all that much and …
Read More »The EMV-Accepting U.S. Merchant Base Hits 750,000, Visa Reports
More than 750,000 locations representing 17% of the U.S. face-to-face card-accepting merchant base are now enabled to accept EMV chip cards, Visa Inc. chief executive Charles W. Scharf reported Thursday. The EMV acceptance base is up 42% from the 529,000 locations active as of October, when the card networks’ U.S. …
Read More »First Data Unveils Clover Go, an EMV-Capable Card Reader for Smart Phones, Tablets
First Data Corp. on Friday said it is joining the market for card readers that plug into mobile phones. Its latest entry in its Clover line of point-of-sale technology is Clover Go, a credit and debit card reader that connects to smart phones and tablets via the mobile device’s headphone …
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