Verifone EMV Articles June 2016

Verifone EMV Articles June 2016

Is Encryption Really Working? | By:
Encryption is widely used across different industries and is considered a best practice in the payments industry. A study conducted by Ponemon Institute unearthed some pain in encryption key management with the growing need of tracking a plethora of encryption keys.  Retailers are employing automated tools and hardware safe  modules (HSM) to alleviate the need for manual tracking.

Number of EMV Chip Cards in Circulation Increases to 4.8 Billion | By: Finextra
EMVCo, a global technical body released new adoption rates as of the end of 2015, totalling to 4.8 billion worldwide. Card-present transactions globally increased to 35.8% in 2015, up by 3.8% during the same period in 2014. As the U.S. is in EMV transition, this number is expected to increase immensely for 2016. Keep reading to find which mature region experienced the highest increase.

Discover Introduces Discover Quick Chip to Optimize Checkout Experience | By: Business Wire
Late last week, Discover announced their Quick Chip solution that will enable faster EMV processing for card present transactions, allowing for a more seamless checkout experience. This solution will be applicable to all Discover, Diners Club International and PULSE Networks.

American Express Launches ‘Quick Chip’ Service | By: Finextra
Amex has released a solution that enables merchants to offer a more streamlined consumer checkout experience in their brick-and-mortar sites. Similar to the other card brands’ faster EMV contact processing solutions, Amex has developed a solution allowing cardholders to dip their card and remove it before the transaction is completed, mimicking a similar experience to swiping their mag-stripe cards through their PIN entry devices (PEDs).

Review the Amex Quick Chip Technical Manual here

Visa Simplifies EMV Certification | By: CSP Daily
Since the October 2015 EMV liability shift, U.S. retailers have experienced a significant increase in chargebacks. Over a one week period, smaller retailers have reported $10,000 to $15,000 in chargebacks, while large retailers have reported $1 million in chargebacks. Last week, Visa Inc. announced alterations to EMV certification and chargeback regulations, allowing acquirers to self-certify their EMV solutions, as well as implement chargeback remedies expected to decrease chargeback transactions to merchants and chargeback dollars by 40% and 15% respectively.

Chase Survey: 48 Percent Prefer to Pay with Phones | By:
The consumers’ behavior has changed drastically since the world has become more connected. Most consumers make the effort to incorporate much of their day-to-day lives into their smartphones; using it for entertainment, answering emails, shopping, and even payments. A recent survey conducted by Chase revealed that 48% of the respondents preferred paying with their phones rather than cash or credit card. 

Consumers Want Mobile Payments Everywhere, Survey Finds | By: Digital Transactions
Mobile devices continue to play an integral role in commerce. Consumers are continually looking for convenient ways to consolidate all their technologies into their powerful and compact smartphone. A recent study conducted by 451 Research LLC revealed that 77% of U.S. consumers intend to conduct online purchases using their mobile wallet and 45% of U.S. consumers would utilize it for an in-store purchase.

Ohio Grocer Adds Beacon from Verifone, AllRecipes | By: Payment Source
Consumers are inundated with advertising noise in their day to day lives. Focusing on a tailored, more personable customer engagement approach will enable retailers to connect with their customers. Beacons facilitate communication between mobile apps over Bluetooth, and are a great way to interact with your customers. In the case of this example, Marc’s, a grocery retailer based in Ohio, delivers meal suggestions to their shoppers. 

Visa’s Take on the Chargeback Debate | By:
The U.S. EMV adoption has seen some positive increases with EMV transaction volume rising 12.5% from March to April. At of the end of April, Visa has announced that there are more than 282 million chip cards in circulation in the U.S. with over 1.1 million chip-enabled merchants. On a weekly bases, an estimated 23,000 new merchants locations are being added on the EMV-enabled list.

Check out Visa’s newly released EMV card numbers.

How ACH Payments Pump Up C-Store Sales | By:
Giant U.S. retailers with private label cards and mobile apps are faced with the issue of converting card patrons into vested app users. Retailers are actively looking for ways to increase stickiness and usability of their mobile app. It is not uncommon for an end user to be a one-time app user, specially if the consumer does not perceive value or benefit of the app. Incentivizing the end user to utilize the mobile app will assist in converting them into a loyal customer, which will yield valuable revenue for the retailer.

6 Steps to Meet the Deadline for Payment Card Security | By: GCN
The PCI Security Standards Council has extended its compliance deadline for encryption protocol updates aimed at merchants adopting more secure cryptographic protocols, which assists in strengthening security against cyber attacks. The goal is for merchants to phase out vulnerable Transport Layer Security (TLS) 1.0 and its predecessor Secure Sockets Layer sooner rather than later. The governing body has extended the deadline from June 2016 to June 30, 2018, announced late last year.
MasterCard Reports Decline in Counterfeit Fraud | By: NACS
Recent data released by MasterCard has confirmed that over 65% of all U.S.-issued MasterCard branded EMV cards are now in circulation as of April 30, 2016. The report compiled from larger chip-enabled U.S. merchants have witnessed a 27% decrease in fraudulent dollars from January 2016 compared with  January 2015. In addition, MasterCard announced that over 1.4 million merchant sites in the U.S. are now supporting EMV cards.