Verifone EMV Articles August 2016

Verifone EMV Articles August 2016

US Payments Forum Webinar to Explore EMV Chargeback Best Practices | By: Green Sheet
Fraud has been top of mind for most merchants. Join the U.S. Payments Forum, Vantiv, Mastercard, and Visa for a webinar, as they discuss the best practices for authorization, managing disputes, and mitigating chargebacks.

Register now for the webinar on September 7, 2016 at 2:00PM EST.

EMVCo to Certify Mobile Devices for NFC and HCE Payments | By: NFC World
The use of mobile devices are gaining traction in the market. For the first time ever, EMVCo has introduced a formal testing and certification process that includes Level 1 tests for mobile payment acceptance devices that have NFC capabilities, such as tablets, wearables, and smartphones. This standardization is to ensure interoperability standards are met in the payment environment.

Retail eCommerce Sales to Reach $1.9 Trillion in 2016 | By:  The Paypers
A recent report conducted by eMarketer suggests that global ecommerce sales are on track for $1.9 trillion by the end of 2016, aggressively growing at a rate of 23.7%. North America, the second most prominent region for ecommerce sales is expected to inflate by 15.6%, reaching a total of over $423 billion by the end of the year.

Samsung Pay to Get Iris Authentication with Galaxy Note 7 | By: NFC World
Unlocking your smartphone using your fingerprint or by facial recognition is yesterday’s news. Samsung Pay users can now securely pay by authenticating their identity through iris scanning technology. In addition, the most recent Galaxy Note rendition also introduced, Samsung Pass, a security feature that allows users to log in to websites on the Samsung internet browser using biometric authentication, removing the hassle of entering   the traditional authentication parameters of username and password.
Credit Card Fraud Reduction via EMV is the Top Payment Issue for 2016 | By: The Paypers
EMV is an authetication technology designed to significantly reduce card present fraud. A recent study conducted by the National Retail Federation and Forrester, surveying 59 CIOs from large to mid-sized retailers revealed the retailers’ top challenges for 2016. The top three include:
  • Implementation of EMV – 76%
  • Chargebacks – 46%
  • Multi-layered security approach – 37%

The Internet of Things | By: NRF
The notion of Internet of Things (IoT) has been heavily introduced in the payments industry. Merchants alike are discovering new ways to exploit the data from today’s digital age and ultimately reinvent the consumer experience. Joe Jensen, VP of the IoT group and GM of the Retail Solutions Division at Intel, stated “It’s all about how connectivity can make retailers more efficient, add value to  a person’s life or better service them as a customer”.

The Biggest Banks in the U.S. Team Up to Take on Cybercrime | By:
Banks such as Bank of America, J.P. Morgan Chase & Co., along with other major U.S. banks have joined forces in an effort to advance their defences against cyberattacks. The U.S. government passed a bill in 2015 enabling private entities to divulge cyberthreat information with the government, known as the Cybersecurity Information Sharing Act. The superbanks are a part of a collaborative group comprised of over 7,000 members.

Quick Chip Could Benefit NFC, But Will That Mean More Mobile-Wallet Usage? | By: Digital Transactions
Mobile wallets have been the talk of 2016, creating buzz among consumers and retailers. Adoption of the technology has increased in the past two years. However total transactions derived from this payment method is still quite nominal. Will the streamlined checkout experience incentivize consumers to use their mobile wallets? EMV contactless capability can easily be turned on as it solely relies on NFC technology.

Debit Begins Its Shift to More Secure Types of Transactions | By: PULSE
PULSE, a Discover Company commissioned a study depicting the current state of the debit industry. More and more U.S. consumers are utilizing their debit cards, increasing usage by 4% in 2015. Chip usage is also on the rise as merchants continue to rollout their EMV solutions in store.

Visa U.S. Chip Update: June 2016 | By: Visa
This INFOGRAPHIC from Visa indicates the latest U.S. EMV transition figures as of the end of June 2016. According to this report, the U.S. is the largest chip market in the world, with over 326 million Visa chip cards in circulation. Here are the highlights:

  • 35% drop in counterfeit fraud in March, compared to same time last year

  • Over 1.3 million chip-enabled merchant sites

  • One in three merchants in California, Connecticut, Flordia, Michigan, New Jersey, and Pennsylvania are EMV-enabled 

EMVCo’s Tokenization Specs Are Complex and Costly | By: PaymentSource
EMVCo’s most recent update to payment tokenization specs introduced Payment Account Reference (PAR), a new element that will enable token service providers (TSP) to associate a single series of tokens related to that payment card. Different pay points may produce different tokens which can complicate the environment quickly. PAR will bridge PAN-based and token-based transactions to be linked together. 

What’s your take on this? Let us know.

Review EMVCo’s Tokenization Specification updates here.

EMV – A Journey to Learn From | By: Convenience Store Decisions
Ed Collupy from W. Capra, shares his opinion on the EMV transition learning’s from Phase 1, EMV conversion for in-store POS systems. As petrol stations prepare for the October 2017 EMV liability shift, they can apply gained knowledge to improve implementation in Phase 2, the Automated Fuel Dispensers (AFD).