Best Credit Card Offers specially for you

About Us  |  Contact Us  |  Articles  |  News  |  Tips  |   Tools
ADVERTISER DISCLOSURE
RequestCredit.com is an independent, advertising-supported web site which is compensated by the credit card issuers whose offers appear on the site. This compensation may impacts how and where the credit products appear on our site, including, the order in which they may appear within credit product lists. RequestCredit.com does not review or offer all available credit products.

EMV Chip Payments Picking Up Speed

[Saturday, March 14th, 2015]

Payment technology in the U.S. is finally catching up with the rest of the world, as EMV chip-enabled terminals finally begin appearing at more and more retailers across the country. An Aite Group research report predicts that by the end of 2015, more than half of all point-of-sale terminals in the U.S. will be EMV chip-enabled.

Now the standard in Europe, Asia, Canada, and other places, EMV chip cards have been slow to come to the U.S. The cards, which use more secure technology than traditional magnetic stripe cards, require a compatible point-of-sale terminal in order to process payments. Most EMV cards issued in the United States are equipped with both a chip and a magnetic stripe so they can be used anywhere.

Merchants who switch to EMV chip enabled payment systems will be protecting themselves as well as their customers; when people use a fraudulent card to pay for a purchase, the store is subject to losses. Aite Group estimates that retailers could open themselves up to billions of dollars in fraud losses.

Large retailers are quicker to adapt to this new technology than smaller ones. The report said that two-thirds of small- and mid-sized merchants are aware of the need to switch to EMV chip technology. That leaves one-third who still needs to catch up in order to protect payment information, both for themselves and their customers.

Small businesses at risk

EMVelocity: Outlook for POS Re-terminalization and Mobile Payments consists of interviews with retailers, payment processors, and other key financial industry players. Some small business owners said they do not plan to implement EMV technology at all, due to concerns about cost and logistics.

Of the two thirds of small- and mid-sized merchants who know they need to upgrade their payment processors, 60% reported already switching to EMV payments. They are either finished implementing the technology, or are in the process of it. Eighty-six percent expect to be EMV-friendly by the end of this calendar year.

Aite Group estimated that there would be $3.6 billion in credit card fraud losses by the end of 2015, up from $3 billion currently. In October 2015, the burden of these losses will shift partially to merchants who have not upgraded to EMV payments. They are currently protected from these losses, which are absorbed by banks and card issuers.

Thad Peterson, senior analyst at Aite Group, said the increased pace of EMV adaptation is “good news,” but stresses that “every organization in the payments space needs to increase its efforts to educate and inform the merchant community about the importance of moving to EMV chips.”

Read also

The Average Credit Score in the U.S. Reaches Its Peak
[September 13th, 2019]

FICO, or Fair Isaac Corporation, is a data analytics company best known for its credit scoring model. As the FICO’s official website says, the FICO® Score is currently used by 90 of the top 100 largest U.S. lending institutions.

Continue reading ››

New Marriott Bonvoy Bold Credit Card VS Marriott Bonvoy Boundless Credit Card
[June 21st, 2019]

A short time ago, the largest world hotel chain – Marriott International together with Chase Bank have pleased their customers with a new hotel credit card – the Marriott Bonvoy Bold™ Credit Card. Marriott loyal fans are most likely aware that the Bold card is not the first Marriott and Chase joint credit card. Their first co-branded card is the Marriott Bonvoy Boundless™

Continue reading ››

New Apple Card Coming Soon
[April 3rd, 2019]

There is already a Barclaycard Visa with Apple Rewards credit card, Apple Cash card, and recently Apple announced a new card – Apple Card. It is an innovative credit card that will be available in the U.S. this summer.

Continue reading ››
Copyright © 2003-2019 RequestCredit.com. All Rights Reserved
RequestCredit.com strives to keep credit card information up to date and accurate. However, all the credit card information is presented without warranty and can be changed by the credit card issuers at any time. Click the "Apply online" button to see the online credit card application and to review current credit card terms and conditions. Note that RequestCredit.com can be compensated by credit card issuers when the visitors apply for a credit card through the website.
* The RequestCredit.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. RequestCredit.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the RequestCredit.com website are property of their respective owners.
Information in these articles is brought to you by RequestCredit.com Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.
Disclosure: Not an access card.