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)