Visa and MasterCard Set Deadline for Chip and PIN Credit Cards
Visa and MasterCard have officially set a deadline for retailers to adopt to EMV (chip and PIN) credit card technology. By October 2015, all stores will be expected to accept these kinds of cards if they want to accept Visa or MasterCard payments.
The National Retail Federation has yet to support this decision. That is because Visa and MasterCard have not released plans to add the need for a PIN to credit cards with microchips. While that may eventually be the case, the NRF feels the ruling is a “half-baked solution” without a required PIN.
“We remain insistent that U.S. retailers’ customers be given the same protections as consumers in more than 80 countries who have both a chip and a PIN securing their credit and debit cards,” said NRF counsel member Mallory Duncan.
The NRF predicts that it will costs retailers around $30 billion to adopt the new technology, which is one of the main reasons stores and banks have been dragging their feet on the matter.
“Probably about 80 percent plus of the larger retailers were going to be able to make the deadline anyways,” said David Robertson of The Nilson Report.
If the date remains in October, 2015, retailers will soon be scrambling to meet this deadline.