It is partially up to credit card issuers to bring fraud rates to an end. Visa wants to address the EMV chip migration hurdles present today. Simplified payment terminal certification and streamlining the testing requirements are just a few of the changes made by this company.
EMV Adoption Is Pertinent To Card Fraud Reduction
The way consumers can pay through credit cards is not always as secure as it should be. In the US, the majority of payment cards are swiped, rather than using the pin code for payment confirmation. Ever since Visa introduced the EMV chip, merchants have been slow to embrace this new solution. But that will be coming to change very soon.
It has to be said, however, how over 300 million chip cards have been upgraded to EMV technology. This is a significant number, but still only a fraction of the payment cards in circulation. The biggest hurdle is convincing merchants to swap out swiping for pay-by-pin solutions, which results in a terminal upgrade.
Merchants require some help to transition into the EMV space, although an average of 23,000 retailers become chip-ready very week. Visa wants to speed up this process. However, every terminal needs to be tested and customized, which takes time. Now that Visa streamlined their testing requirements, complexity should be reduced, resulting in faster terminal upgrades.
Visa INC Group Executive North America Oliver Jenkyns stated:
“Visa recognizes the importance of having the industry help merchants get their chip terminal solutions up and running quickly so that everyone, especially consumers, can benefit from the powerful security protection of chip technology. We’ve taken steps to simplify the process as much as possible and help reduce any challenges so merchants can move forward with chip adoption quickly.”
But there is more, as acquirers have the option to self-certify existing point of sale solutions. Considering how an acquirer has direct communication with individual retailers, this added commercial flexibility will go a long way. Moreover, this will also reduce the certification wait times for all parties involved.
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