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EMV chip cards emerge in retail industry

07/02/2012 - By Frank LoSchiavo

Retailers can invest in new equipment and services from their payment provider to be able to accept payments from smartphones and cards enabled with chip technology.

Tag: Point-of-Sale Terminals

Retailers might need to prepare for accepting chip card technology in the near future. Visa recently announced that financial institutions have released more than 1 million chip-enabled cards since December 31, 2011. This news follows Visa's previous statements promoting the acceleration of EMV technology adoption.

In August 2011, Visa released a roadmap for retailers to accept mobile payment technology in stores. The cards enabled with chip technology can reduce fraud and increase acceptance of payments internationally, since many countries have already transitioned to the new card payment services.

"Migrating the U.S. market to chip will help build an infrastructure for accepting NFC mobile payments, enhance international acceptance and reduce fraud," said Stephanie Ericksen, head of authentication product integration at Visa. "We have seen strong interest among U.S. issuers large and small to invest in chip technology, as today's milestone shows."

EMV chips can be embedded in credit or debit cards as well as mobile devices, such as smartphones. Consumers can use embedded devices at point of sale terminals in retail stores. When customers simply pass the card or phone over an NFC-enabled device, retailers will be able to complete online payment processing. To qualify as participators, retailers can outfit their stores with equipment and services available through payment providers.

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