Thursday , March 28, 2024

Smart Cards

As EMV Picks up Steam, A Standards Group Asks About Interest in an Open Alternative

  Just when most payments executives had concluded EMV was the only game in town for chip cards in the United States, a financial-services standards committee has issued a proposal for a meeting to examine the case for an open, industry-based alternative. In a letter dated Jan. 20 and obtained …

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Slate Tied to Dissident Shareholder Group Wins Seats on OTI Board

A slate of eight director candidates supported by a dissident shareholder group won election on Sunday at a special meeting of shareholders held by On Track Innovations Ltd., a vendor of contactless-payment solutions. The election, which expands the company’s board to 11 directors, hands control over the 22-year-old Israeli company …

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As EMV-Debit-Durbin Problem Festers, a Solution May Be on Its Way

A knotty problem involving the EMV chip card standard, debit card transaction routing, and the Durbin Amendment may take a crucial step toward resolution next month when the country’s two largest card networks are expected to indicate whether they will support a potential solution proposed by a debit-network group, according …

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CreditCall Pushes ‘EMV-in-the-Cloud’ to Ease U.S. Adoption As Readiness Deadlines Near

With deadlines fast approaching for U.S. merchants, acquirers, and other payments players to adopt the Europay-MasterCard-Visa (EMV) chip card standard, vendors are stepping forward with ideas to simplify readiness. One of the latest of these is a concept that asks why chip transactions can’t be managed by remote servers—why, in …

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MasterCard Is Readying an EMV Liability Shift for Card-Not-Present Payments, Exec Says

MasterCard is getting close to announcing an EMV-related liability shift for online and other card-not-present transactions, a network executive said on Monday. “MasterCard will have a card-not-present liability shift,” said Melanie Gluck, vice president of emerging payments at the country’s second-largest payments network. “We haven’t announced it yet, it’s under …

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EMV No Guarantee Against High Rates of Card Fraud, Study Shows

Cardholders in Mexico, not the United States, report the highest incidents of card fraud, according to a new report from Boston-based Aite Group LLC and Elkhorn, Neb-based ACI Payment Systems. Of the credit, debit, and prepaid cardholders surveyed in Mexico, where EMV cards are rolling out, 44% reported an incident …

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PCI Waiver Expected To Spur Merchant Adoption of EMV Terminals

Despite just 10% of U.S. merchant terminals being capable of accepting EMV chip cards today, 60% of all terminals likely will be EMV-enabled by 2015, according to a new report from Javelin Strategy & Research. Javelin also expects U.S. issuers will convert the bulk of their credit, debit, and prepaid …

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Acquirers Bear Burden to Warn Small Merchants About EMV Risk Shift, Processor Exec Says

With a major chip card standard bearing down on U.S. merchants, acquirers, and issuers, small merchants in particular could face tens if not hundreds of millions of dollars in annual fraud losses they are currently protected from, a processor executive argues. Patty Walters, senior vice president for merchant products and …

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Late with Its ‘Roadmap,’ AmEx Could Jump into EMV Lead Among Networks

American Express Co. announced what it calls its “roadmap” for EMV and chip-based and mobile payments in the U.S., which means all four of the major U.S.-based payment card networks are now on record with plans to move beyond the magnetic-stripe payment card. Like the ones from MasterCard Inc. and …

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ISOs, Processors Start to Prepare for a Future of Chip Cards And Mobile Wallets

With EMV chip card payments coming and mobile wallets using near-field communication already here, merchant acquirers are beginning to roll out their own hardware and software to handle the new technologies. This week, the big merchant acquirer Chase Paymentech introduced its “Future Proof” point-of-sale terminal and earlier this month, Merchant …

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