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U.S. ADOPTION OF EMV ON ITS WAY

U.S. ADOPTION OF EMV ON ITS WAY: AN IMPLEMENTATION PRIMER FOR CREDIT UNIONS

by Michelle Thornton

Screen Shot 2015-01-08 at 12.17.35 PMNearly 20 years old, the global Europay, MasterCard and Visa (EMV) standard has been adopted for debit and credit payments in many parts of the world.

The United States will begin to officially jump on board the EMV bandwagon on October 1, 2015. That is when the four payment card networks – Visa, MasterCard, Discover and American Express – institute a liability shift for domestic and cross-border counterfeit card-present point of sale (POS) transactions.

With this driving factor, EMV adoption in the USA is finally and seriously on its way, yet there is still much work ahead.

Due to the complex nature of EMV, all stakeholders in the payment chain will need to make changes to support the standard. This includes terminal manufacturers, merchant acquirers, merchants, electronic funds transfer (EFT) processors, networks, issuers, card manufacturers, card personalization bureaus and core data processors. Each of these entities must code to the specifications for every EMV payment application in order to continue to support the payment ecosystem as it is today. 

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