Visa has announced new liability shift dates for EMV transactions that will affect third-party acquirers of ATM transactions, Mobile Payments Today reports.
The liability shift places responsibility for paying out losses to consumers due to fraudulent transactions on machines that are not EMV-compatible to merchants and ATM deployers, rather than card issuers. The new deadlines are as follows:
Effective April 1, 2015, U.S. third-party ATM acquirer processors and sub-processors must be able to support EMV chip data.
Effective Oct. 1, 2017, liability will shift in the U.S., India, Japan, Thailand, and in China (excluding domestic transactions)
By 2017, Visa will have a uniform global liability policy that encourages chip-on-chip transactions at both the POS and the ATM. (NACS: www.nacsonline.com)