EMV Frequently Asked Questions (FAQs) for the C-store Retailer
What is EMV? Europay International, MasterCard International, and Visa International formed EMVCo, LLC to manage EMV card specifications for payment systems around the world. The objective of EMVCo is to ensure that single terminal and card approval processes are developed at a level that will allow cross payment system interoperability through compliance of the EMV standards.
EMV is the global payment standard, and recent announcements by Visa and Mastercard have laid the roadmap for EMV in the United States
What did Visa & Mastercard recently announce?
Beginning October 1, 2012, if at least 75% of a retailer’s payments occur at payment terminals that are chip enabled, the Visa removes the requirement for annual PCI-DSS recertification.
By April 1, 2013, U.S. acquirer processors and sub-processor service providers to be able to support merchant acceptance of chip transactions
POS: October 1, 2015: liability shift for any in-store POS fraudulent transactions on non-EMV chip & PIN compatible terminals
Forecourt: October 1, 2017: forecourt liability shift for fraudulent transactions on non-EMV chip & PIN compatible terminals
What does EMV approval mean to the retailer?
(1) Compliance with hardware (devices), and
(2) Compliance with software (inside the device).
What are the benefits of EMV?
Improved security (with associated fraud reduction)
Foundation for emerging technologies like mobile payments
What is the timing to implement EMV in the United States?
What is the Gilbarco Veeder-Root EMV-US Product Offering?
*Note: Based on known EMV specifications today. Will require software and/or card reader upgrade once specifications are anncounced. The US EMV specifications have not yet been announced by Visa.