In a recent announcement, major credit card companies Mastercard and Visa have decided to extend the deadline for gas pump EMV migration to 2020. This decision comes as a relief to gas station owners who were struggling to meet the original deadline set for 2019.
EMV stands for Europay, Mastercard, and Visa, and it is a global standard for credit and debit card transactions. EMV chips are embedded in cards to provide an extra layer of security, reducing the risk of fraud. Gas pumps are a common target for card skimmers, making the implementation of EMV technology crucial for protecting consumers.
One of the main challenges faced by gas station owners is the cost associated with upgrading current pump systems to accept EMV cards. In addition, the complexity of the retrofitting process and the lack of available technicians have also contributed to the delays in EMV migration.
Below are some common questions related to the Mastercard and Visa extension of the gas pump EMV migration deadline:
Mastercard and Visa extended the deadline to give gas station owners more time to implement the necessary upgrades to their pump systems and ensure a smooth transition to EMV technology.
The extension of the deadline will provide gas station owners with additional time to plan and budget for the EMV migration process, reducing the financial burden and stress associated with the upgrade.
Consumers can expect increased security and protection against card skimmers when paying at the pump with EMV-enabled cards. EMV technology will help safeguard personal and financial information, providing peace of mind to customers.
Overall, the decision to extend the gas pump EMV migration deadline to 2020 will give gas station owners the necessary time and resources to ensure a successful transition to this advanced technology, benefiting both businesses and consumers alike.
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MasterCard and Visa extend gas pump EMV migration deadline to 2020.