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| What Is a Chip-and-PIN Credit Card? - EMV Cards |
The next time US cardholders receive a new card it will probably be equipped with an EMV chip, and most likely be contactless. The US is finally making the transition to secure cards based on the European EMV standard, mostly because the liability shift imposed by the three big credit card brands -- Visa, MasterCard and American Express -- will start on October. If the merchant is EMV compliant and has a POS system equipped to read EMV cards, and the card is not, because the financial institution has not started issuing them yet -- effectively forcing the merchant to run your card on the magnetic stripe reader -- then the bank or credit card issuer has to pay for the misuse of the card. Conversely if the issuer has upgraded to EMV by sending chip cards to its card holders, but the merchant has not upgraded their point of sale to accept them, the retailer bears the cost for counterfeit fraud.
US Warms Up To EMV Credit Cards | Bankrate.com
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