Recently, there has been some confusion over PIN debit and EMV. Still trying to figure out the many changes taking place with EMV, many merchants have made enquiries to add PIN debit to their existing merchant account. If the difference between EMV and PIN debit has confused you as well, the following explanation will help
EMV (Europay, MasterCard, and Visa) chip card payments at the US point of sale (POS) are now 2 years’ old (October 2015) at least officially. However, according to a poll of consumers and retailers by a Boston-based merchant processor, consumers think purchases are still being processed slowly; many merchants still don’t accept chip cards. Merchants’
While an overwhelming number of retailers in the United States are still pacing the shift to the use of EMVs, another persuasive tech has hit the market. Most retailers are still lagging behind as they should have ditched the use of TLS 1.0 as their primary transaction security protocol which is set to expire in
Merchants successfully deal with payment methods but have some problems in some key areas. Particularly, they have difficulty identifying overseas transactions, according to recent survey results by a risk management firm. The survey was conducted online between April and June. More than 800 merchants in some 29 industries participated in the survey. The revenue generated
The US conversion to EMV is almost 2 years old now. What major issues are involved with the process of adoption? Below you can read several important points associated with some side effects regarding EMV technology: EMV chip cards were first tested 20 years ago. They were developed for offline authorizations in the European market
The US decided to switch to EMV chip cards in October 2015. In 2016, e-commerce fraud rates grew by 33%, according to Experian, a global information services group After the EMV Liability Shift In 2016, the Strawhecker Group, a management consulting company focused on the payments industry, found that 29% of card-present merchants were already
Taken globally, the electronic payments industry is almost as fragmented as the mobile messaging industry for platforms like WeChat (China), Line (Japan), Viber (Philippines), and others. In North America, PayPal and its subsidiaries Venmo and Braintree play a dominant role in the electronic payments market. In Africa, Kenya’s M-PESA is the top player. It serves
As soon as the retailer accepts the transaction, the information has to be transmitted to a verified payment processor to be completed. A payment processor completes the transaction by sending data between the merchant, the merchant’s bank, the consumer’s card and their bank. A payment processor is the company providing the hardware at a storefront
Visa has recently provided clarification and modification regarding debit routing rules. Merchants can route US EMV debit transactions not just through Visa’s network, but through over 12 available ones. 2 payment application identifiers (AIDs) on the chip enable debit routing and processing. These are the US Common Debit Aid and the Visa Debit Aid. Visa
In 2016, new chip debit and credit cards were issued to consumers by major financial institutions. According to the US Payments Forum, 600 million cards have been issued. How do these chip cards protect consumers? EMV (Europay/MasterCard/Visa) chip cards are designed to protect you from data breaches. The system has been used in European countries
