Visa Expands U.S. Roadmap for Europay MasterCard Visa Chip Adoption in the U.S. [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Visa Inc. announced its support for a common U.S. debit solution and an expansion of Visa's previously announced roadmap for EMV (Europay MasterCard Visa) chip card adoption in the United States to include a migration path for ATM transactions.
To help facilitate chip adoption and issuer compliance with U.S. debit regulations, Visa reported plans to provide some of its proprietary EMV chip technology to the industry. This approach will simplify EMV chip implementation for debit, reduce migration costs and increase flexibility for card issuers, acquirer processors and merchants.
"Our world is demanding greater flexibility and security when it comes to paying for goods and services," said Jim McCarthy, global head of product, Visa Inc. "Visa's expanded roadmap creates an environment in which new forms of electronic payment can flourish, offering security, convenience and flexibility to consumers, merchants, and issuers. As part of our commitment, we are offering the industry a common U.S. debit solution that will streamline implementation of secure EMV chip technology and advance the U.S. marketplace towards next generation payments, including mobile payments."
"Visa's roadmap is designed to make the security and flexibility of EMV chip technology available to consumers and issuers in every environment, including ATMs," said Ellen Richey, chief enterprise risk officer, Visa Inc. "This new timeline balances the interests of issuers and ATM operators and provides time to include chip integration into ATM hardware upgrade plans. As a result, the entire marketplace can more quickly realize the strong security benefits of EMV chip technology in this critical channel."
Visa has established the following timelines for ATM transactions, across all Visa and/or Plus branded products:
-Effective April 1, 2015 U.S. third-party ATM acquirer processors and sub-processors must be able to support EMV chip data
-Effective October 1, 2015 Liability will shift in Asia Pacific, excluding China, India, Japan, and Thailand
-Effective October 1, 2017 Liability will shift in China, India, Japan, Thailand, and the U.S.
Additionally, from April 1, 2013, a liability shift will apply to all qualifying transactions taking place in Australia and New Zealand. With liability shifts already in effect in Europe; Canada; Latin America and the Caribbean; and Central and Eastern Europe, Middle East and Africa; by 2017 Visa issuers and acquirers will be able to rely on a single global liability policy that encourages chip-on-chip (EMV chip card read by an EMV chip card reader) transactions at both the point-of-sale and ATMs.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments worldwide to electronic payments.
((Comments on this story may be sent to email@example.com))
(c) 2013 ProQuest Information and Learning Company; All Rights Reserved.
[ Back To Cloud Computing 's Homepage ]