EMV Fiction and Fact

Merchants are hearing more and more about EMV, and there is a lot of misinformation.  EMV is a big subject and we’ll keep coming back to it, but here are common misunderstandings.

Fiction: EMV is a merchant mandate.  Fact: There is no mandate.

Fiction: If you don’t implement EMV you will be open to a breach.  Fact: EMV is part of the security and fraud puzzle and does not solve the problem alone.

Fiction: Processing will be shut off if you don’t switch to EMV by October 2015.  Fact: Your processing will not be shut off.

Fiction: Magnetic stripes will go away.  Fact: Cards will have both chip and magnetic stripes.

Fiction: You will be charged extra if you don’t use a chip.  Fact: Interchange rates are for EMV and card swipes are not changing as part of liability shift.

Fiction: Your old hardware will stop working.  Fact: Existing hardware will continue to work for magnetic stripes.

Fiction: A solution provider says “We have a product solution today for EMV”.  Fact: Most solutions in the market are only partially ready.

Fiction: EMV cards are being issues all over the place.  Fact: Chip-card adoption/usage still has a long way to go.  There will be more in 2015 but they will still have magstripe.