First Data is partnering with product testing and standards developer Underwriters Laboratories to help speed up merchants’ transitions to new and more secure card payment technology.
October 2015 is the deadline for retailers to adopt new technology enabling them to accept card transactions that use EMV chip payment cards. Therefore First Data has seen an opportunity to accelerate this process with Underwriters Laboratories as October is fast approaching.
If merchant don’t adopt the new technology then they will be liable for fraudulent transactions. Cards with Chip and Pin or EMV technology are more secure than cards with magnetic strips.
Vice President of Payment Acceptance at First Data, Steve Mathison said: “For our retail clients that have to basically rework their point-of-sale systems to where you no longer actually swipe a card, this may seem rather benign, but what is happening is a big deal. This is tantamount to back when we ran the knuckle-busters on paper and changed to swiping cards.”
“It’s no simple task to make sure that every single card from every single issuer around the world, whether it’s prepaid or debit or ATM or credit card, will work when you walk through the checkout lane.” Mathison added.
It seems laptops are about to catch the biometric fever as PayPal, Intel, Lenovo and Synaptics are collaborating to introduce FIDO-enabled embedded fingerprint solution to PCs.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Chase, the US consumer and commercial banking business of JPMorgan Chase & Co, has signed a multiyear agreement with Best Buy, that will see the electronics retailer accept Chase Pay in its stores, on BestBuy.com and in the Best Buy app.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.