Credit Card News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Payment Processors Have Set the Date: U.S. Credit Cards Will Change to Chip-n-PIN by 2013

Payment Processors Have Set the Date: U.S. Credit Cards Will Change to Chip-n-PIN by 2013

By
Add to Favorites:
Payment Processors Have Set the Date: U.S. Credit Cards Will Change to Chip-n-PIN by 2013

Last August, payment processor Visa announced that all of their acquirer processors in the United States, along with all of their U.S.-based sub-processor service providers are required to equip themselves to be able to support merchant transactions initiated by chip-and-PIN payment cards by April of 2013.

Just recently MasterCard followed Visa`s precedent, announcing its intent to ease American consumers into using the chip-and-PIN technology by the same date, while making assurances to have the necessary payment infrastructure in place in time.

Chip-and PIN, or “EMV,” payment card technology has been prevalent in Europe for quite some time now. Garnering its name from the payment process – a consumer presents their card at the point of sale, where data contained in the embedded chip is scanned by special readers then the customer, instead of signing a receipt, enters in a unique 4-digit PIN number to complete the transaction – chip-and-PIN cards in the hands of American consumers will make it much less troublesome for overseas travelers to use their credit cards on foreign soil.

“EMV” stands for Europay, MasterCard and Visa, which are the three providers of payment infrastructure that adapted the chip readers to an interoperable standard. Since then, Europay has merged with Mastercard.

“We`re moving toward a world beyond plastic, where consumers will shop and pay in a way that best fits their needs and lifestyles with a simple tap, click or touch in-store, online or on a mobile device,” said MasterCard`s president of U.S. markets Chris McWilton, according to the online news source pcmag.com.

Visa also claims to be making adjustments in anticipation of a future wherein consumers will pay for purchases made in stores and via the Internet by using a mobile device such as a smartphone or a tablet. Visa has even gone so far as to promote such wireless technology by endorsing the near-field technology Google is utilizing for their recently-launched Google Wallet. MasterCard has yet to do something similar.

“Our roadmap represents a transformational shift in the approach to payments and is not simply about EMV, chip and PIN. We`re focused on readying the ecosystem to drive future innovation and provide new consumer experiences to enhance the value of electronic payments,” stated MasterCard`s McWilton, as reported by pcmag.

Add to Favorites:

Related News:

MasterCard’s New Biometric Card Unveiled

By Dar Dowling, Posted: April 28, 2017

Biometrics are cutting edge when it comes to upping security, something that MasterCard is well aware of having unveiled their own next generation biometric card. Continue reading
Santander Bank Is Onboard with Apple Pay

By Dar Dowling, Posted: April 27, 2017

Paying with your smartphone can be a timesaver no matter what you're buying. Up until now though, people with Santander Bank credit and debit cards could not use Apple Pay. Continue reading
Bots Enabled by Masterpass Make Shopping Easier

By Dar Dowling, Posted: April 26, 2017

Shopping via social media platforms is gaining traction with consumers, and with this in mind MasterCard will be rolling out Masterpass. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
You could turn $200 into $400 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
No Annual Fee
For Bad Credit