By now, both retailers and consumers have had plenty of time to think about EMV chip technology. Many shoppers now have updated chip cards in their wallets, and numerous brick-and-mortar store locations have adopted new card readers to enable EMV payments.
Despite the growing buzz surrounding EMV, there are a few things that are important to keep in mind:
1) The U.S. is following suit with a global payment standard
As Forbes contributor Kerri Fivecoat-Campbell pointed out, America isn't the only country that's been working to adopt EMV as a new payment standard. EMV – which stands for Europay, MasterCard and Visa – is becoming a global movement that helps ensure safer payments. EMV technology has actually been in place in Europe for several years, and U.S. retailers are slowly catching up.
2) Retailers were hesitant at first
CNN Money contributor Taylor Tepper explained that when EMV was first introduced in the U.S., many retailers weren't exactly quick to jump on board. In fact, many companies were hesitant due to the timing of the EMV transition, with a deadline in October 2015, just before the holiday rush. This potential to disrupt holiday sales spurred many retailers to put off the EMV update at that time.
Now, though, more store owners are putting new payment processing systems in place that allow for EMV card transactions, better supporting the safety of customers' sensitive personal information.
3) Some cards support added security
A closer look at some EMV cards reveals that those supporting both chip reading and PIN capabilities are more secure than those not requiring PIN input. Newly issued EMV debit cards, for example, do demand a PIN in conjunction with the transaction, adding an extra layer of security. Credit cards, on the other hand, can often just be inserted into the card reader without needing a PIN.
Wherever possible, retailers should build in extra security to help further safeguard customers. To find out more about payment security, contact the experts at Cloud 9 today.