Mobile pay solutions, such as Apple Pay, Android Pay, Samsung Pay, and contactless payment options, are garnering a lot of attention in the industry. In additional to these mobile pay options, research predicts that in 3—4 years, 50% of EMV cards in the U.S. will also have contactless capabilities.
The decision to delay the forecourt EMV liability shift from October 1, 2017 to October 1, 2020, came as quite a surprise to many in the industry. While the delay provides retailers with additional time to make EMV upgrades, upgrades are likely to continue at a rapid pace given the potential risks to retailers choosing to wait.
Despite the delay in the liability shift date, the petroleum industry will continue to move forward with implementation and dealers are encouraged to make upgrades as soon as they become available.
Industry reports suggest that approximately 33% of dispensers in the market are capable of processing payments to EMV data-security standards with either a software or small hardware upgrade. Both Gilbarco and Wayne began shipping “EMV-ready” dispensers in 2011. Both manufacturers are reportedly close to or have released software to enable EMV, and there is a high probability that many networks will be processing EMV from the pumps by mid-to late 2017.
As you consider an investment in upgrading your gas pumps to EMV, there’s more to consider than the EMV liability shift. The following CSP article by Patriot Capital’s Richard Browne discusses the other impacts of EMV to enable you to make an informed discussion on the pros and cons of EMV.
As you evaluate upgrading to EMV on your fuel dispensers (gas pumps), an additional consideration is upgrading to mobile payment. The following CSP article lays out the considerations and benefits of including the ability to accept Android Pay, Apple Pay, and other mobile wallets in your EMV pump upgrades.
EMV (Europay, MasterCard Visa) is a global standard for secure payments and has already been deployed in more than 80 countries.
In the United States (US) consumers have traditionally used cards with a simple swipe. Unfortunately, magnetic stripe cards have proven susceptible to counterfeit fraud. EMV cards will be equipped with a “smart chip” allowing for more sophisticated authentication than magnetic stripe cards. The chip is tamper-proof, making the card nearly impossible to clone.