The question if the move from magnetic stripe card to EMV (Europay, MasterCard, Visa standard) chip will ever be completely done is because experts say, ‘The card brands’ October liability shift date is an incentive, not a mandate. So, missing the liability shift date won’t result in fines or an inability to conduct transactions. It simply means that as of October, a card issuer or merchant that does not support EMV assumes liability for fraud that results from compromised magnetic-stripe card transactions.’
Point-of-sale systems would need to be upgraded to accommodate EMV chip cards and the projected adoption timeline goes to the end of 2016. See timeline. The shift is not that easy for retailers considering the costs involved. However, the biggest challenge would be in ‘getting the necessary software tested and installed on merchants’ POS terminals (see The Biggest Challenge to EMV Migration).’
Are retailers ready for the additional expense? One key component of the EMV shift is the liability shift. Another expert opinion says, ‘The party, either the issuer or merchant, who does not support EMV, assumes liability for counterfeit card transactions.” Read article for more information.
Would the shift to EMV reduce PCI Compliance requirements? Hardly. Retailers and Service Providers need to go through the 400+ requirements regardless of any shift in payment card technology. If you need assistance going through the PCI DSS 3.0 mandates, call on Omega ATC. Our solution OmegaSecure is PCI DSS 3.0 compliant. We can help. Or email firstname.lastname@example.org.