EMV Fiction and Fact
Merchants are hearing more and more about EMV, and there is a lot of misinformation. EMV is a big subject and we’ll keep coming back to it, but here are common misunderstandings.
Fiction: EMV is a merchant mandate. Fact: There is no mandate.
Fiction: If you don’t implement EMV you will be open to a breach. Fact: EMV is part of the security and fraud puzzle and does not solve the problem alone.
Fiction: Processing will be shut off if you don’t switch to EMV by October 2015. Fact: Your processing will not be shut off.
Fiction: Magnetic stripes will go away. Fact: Cards will have both chip and magnetic stripes.
Fiction: You will be charged extra if you don’t use a chip. Fact: Interchange rates are for EMV and card swipes are not changing as part of liability shift.
Fiction: Your old hardware will stop working. Fact: Existing hardware will continue to work for magnetic stripes.
Fiction: A solution provider says “We have a product solution today for EMV”. Fact: Most solutions in the market are only partially ready.
Fiction: EMV cards are being issues all over the place. Fact: Chip-card adoption/usage still has a long way to go. There will be more in 2015 but they will still have magstripe.