4 Changes To Expect From The EMV Liability Shift

By Michael English, Vice President of Product Development, Heartland Payment Systems

After a four-year head start, the Oct. 1, 2015 EMV deadline came and went with little fanfare. Only about 30 percent of credit and debit cards are currently EMV (Europay, MasterCard and Visa) enabled, according to eight financial institutions surveyed by the Payments Security Task Force. That number is expected to double by year’s end and increase to 98 percent at the close of 2017, when the liability shift goes in effect for gas stations.

But even with the slow adoption of EMV cards and terminals, which protect merchants from the financial responsibility for fraud and chargebacks related to lost, stolen and counterfeit cards, merchants and consumers will see changes. From new fraud targets to longer transaction times and confusion surrounding tipping at restaurants to mobile payment EMV upgrades, we are now in an adjustment period.

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