Visa Canada Warns Merchants of Chip Cards Migration Deadline
With Canada’s migration to EMV chip card technology successfully underway, Visa cardholders are currently experiencing the benefits of Chip & PIN (personal identification number) innovation. Chip cards contain embedded microchips and use dynamic data to provide greater security to credit card transactions, making an already safe payments system even more secure.
Visa Canada reminds merchants about an important Chip migration milestone. As of 1 October 2010, the liability for card-present fraudulent transactions involving a Chip card, such as counterfeit or card-not-received fraud, will shift to merchants who have not implemented Chip-compliant technology. The many merchants who already have Chip-compliant technology in their locations will be unaffected by this shifting of fraud liability.
A part of Visa’s ongoing commitment to providing secure payment products and services, Canada’s migration to Chip card technology is an important step in protecting their business and their customers from fraud related liability. Chip technology enables cardholders to enjoy the convenience of secure Visa payments at retailers, and merchants to enjoy the peace of mind in knowing that they’re helping to protect themselves and their customers from fraud. Businesses that accept Chip cards have benefited from enhanced security and convenience at the point-of-sale, helping to improve efficiencies and reduce the frequency of chargebacks due to fraud.
“Visa Canada has always made security a top priority, in fact we were the first to announce our intention to bring Chip to market in 2003,” said Mike Bradley, head of products at Visa Canada. “With benefits to all participants in the payment process, Chip has fast become Canada’s way to pay at the point-of-sale.”