The Florida merchants that sued all the major card networks and eight of the 10 largest bank issuers last month saw no other way to deal with the flood of chargebacks they incurred after the EMV liability shift, according to a top executive with one of the merchants and an …

Six months after the U.S. payment card industry adopted EMV chip card transactions as the preferred card technology, MasterCard Inc. says 67% of U.S.-issued consumer credit cards bearing its mark have chips, and 1.2 million U.S. merchant locations now accept the card. The data comes six months after the Oct. …

We probably should have seen this coming. The ongoing transition of the U.S. payments system to the EMV chip card standard has provoked its first lawsuit. And chances are this won’t be the last. Two Florida merchants, a small grocery chain and a liquor store, filed suit last month in …

EMV-related chargebacks are coming home to roost, and there’s nothing like an unexpected chargeback to turn a recalcitrant merchant into an EMV believer. According to survey results from Javelin Strategy and Research, only 8% of small and so-called micro businesses queried in February that didn’t accept EMV chip cards cited …

Speaking of chargebacks, merchant acquirers are indeed reporting more of them now that the U.S. conversion to the EMV chip card standard is under way, but chargeback exposure varies widely by acquirer. And, so far at least, relatively few of the chargebacks are translating into actual financial losses. That’s the …

While many ATM operators know what hardware and software their fleets need to enable EMV chip card acceptance, most are waiting to fully upgrade until concerns about routing issues, chargeback rates, and continuing uncertainty subside, according to the 2016 ATM Channel EMV Readiness survey from the ATM Industry Association. Like …

EMVCo, the chip card standards body owned by the world’s largest payment card networks, on Tuesday formally updated its tokenization specification to include the new Payment Account Reference data element. The purpose of PAR is to match tokens to the underlying primary account number of a credit or debit card …

Independent software vendors, value-added resellers, and point-of-sale software developers facing the daunting task of certifying their unique products for EMV payment acceptance may face costs starting at $30,000. That figure, which comes from Andrey Tikhonov, senior director of payment technology at Elk Grove Village, Ill.-based Infinite Peripherals Inc., reflects the …

  The U.S. payments industry’s transition to EMV chip cards has produced a number of side issues, but few may be more pressing for card-not-present merchants than the failed authorizations caused by the ongoing replacement of as many as 1.6 billion credit and debit cards. The new EMV cards carry …

Multilane retailers provided much of the revenue lift that payment-acceptance hardware and software provider VeriFone Systems Inc. has enjoyed for the past couple of years as the U.S. prepped for the Oct. 1, 2015, EMV liability shift, but many of the big retailers have now completed their EMV purchases. Yet …