EMV Transition Progressing Nicely Says MasterCard

By pymnts @pymnts What’s Next In Payments® 6:45 AM EST January 29th, 2015 As the liability shift creeps closer (245 days as of the writing of this article) in the U.S., the migration to EMV is progressing well, according to MasterCard. “The U.S. migration to EMV [EuroPay, MasterCard and Visa standard payment cards] overall is progressing very nicely,” said MasterCard SVP of Product Delivery Carolyn Balfany. “There are about 1.2 billion cards in the market with U.S. consumers today and we

Missing the EMV Liability Shift Bears a Huge Cost

Even though the adoption of the EMV initiative is voluntary, you don’t want to be the one looking for a chair when the music stops. Missing the October 2015 deadline for implementing Chip and PIN could come with a costly price tag for banks and merchants. That date denotes what is commonly called “the liability shift.” After that date, when credit card fraud takes place, liability for the costs will fall on the entity using the lesser technology. In 2015,