One of the biggest issues when it comes to rolling out EMV card processing technology nationwide in the last several months is the fact that consumers largely aren’t accustomed to using the platform. A number of ideas have been proposed to fix this problem in short order, and in doing so potentially bring a lot more security to the payments ecosystem as a whole. However, many experts agree that the simplest solution may be to give it more time and broaden the number of everyday devices that accept EMV payments.
First the movement started with EMV-enabled point-of-sale devices at some of the nation’s best-known retail brands, and will soon become more common in fuel pumps at gas stations as well. But another device in which EMV is about to become more prominent is ATMs, according to a report from the industry news site ATM Atom. While the liability shift for tier-one retailers went into effect toward the end of last year, and the one for fuel pumps will come in late 2017, it’s ATMs that are up next, with the switch coming on October 1 of this year. But already, financial institutions and other companies that control ATMs are scrambling to get ahead of the game.
What does this mean for consumers?
Indeed, a recent poll of companies that operate ATMs found that some 50 percent of respondents had already upgraded at least half their ATMs to EMV-capable devices that can better secure each transaction, the report said. So while that number equates to only about half of all ATMs in circulation nationwide, current plans from these companies should expand that number to nearly 60 percent before the end of this year.
However, it’s worth noting that the stragglers in this regard may also end up making the switch before year’s end as well, but might not have more serious plans right now for a variety of reasons, the report said. They may be waiting for more clarification from the payment processing companies that are pushing the liability shift before making any hard and fast decisions.
What does it mean for retailers?
Meanwhile, a growing number of EMV-enabled devices in the marketplace overall is only likely to fuel broader and quicker adoption among consumers. The more familiarity they have with “dipping” their chip cards into card readers, rather than swiping in the traditional method, the less alien it will feel to them. Combining that growing comfort with the advancements in the innovations regarding the speed of each transaction that will soon be on the way from both Visa and MasterCard could help to seriously push use of these payment platforms in the near future.
Of course, a growing number of merchants – both large and small – that are capable of meeting consumers’ growing demand or even need for EMV transactions, the better off all involved will be. This will help retailers get ready for the coming liability shifts, reduce the likelihood of fraud for each consumer’s purchase, and slash instances of fraud overall for payment processors.Back To Blog