Since October 2015, business owners (smb) has been responsible for fraud liability in conjunction to the strict implementation of EMV Cards for all business establishments. EMV which stands for Europay, Mastercard and Visa who are the original developers of this technology will now be imposing this chip technology for customer payment acceptance. Mainly, the developers wanted to strengthen fraud protection and go with the “cashless” way of payment as a means for convenience.
96.60% of the Europe Zone has already adapted this type of card transaction while Africa & Middle East is at 80% and the area of Canada, Latin America and the Carribean at 85.41% according to this infographic provided by NFIB.
A lot of mixed reviews from business owners are more on the aspect of incompatibility issues and the lengthy process of implementation it takes to getting used to this kind of technology. Albeit a mid stretch for developed countries like Europe and America, EMV will be set as a global standard for credit and debit payments. The use of microprocessor chip in EMV Chip Card technology will not only verify if the customer is the genuine cardholder but it also includes other EMV specification methods to increase the measure of fraud protection.