EMV Chip Cards Update
In response to Canadian market dynamics and requests from merchants, both Visa Canada and MasterCard Canada announced a six-month extension for Canadian merchants to migrate to chip-and-PIN point-of-sale technology. The card associations have postponed the domestic chip liability shift’s effective date to March 31, 2011. This date signifies when Canadian merchants become liable for domestic card-present fraudulent transactions that may have been avoided by adopting Chip technology.
“Visa and its clients recognize that this one-time extension allows merchants to temporarily delay the adoption of chip technology until after the busy holiday shopping period, should they choose to do so,” said Tim Wilson, Head of Visa Canada
In 2003, Visa Canada committed to bring chip technology to the Canadian market to provide Visa cardholders and merchants with the benefits of chip & PIN security. Chip cards contain embedded microchips and use dynamic data to provide greater security to credit card transactions.
Please click on the below links to read the full text of news releases issued today.
