NFC (Near Field Communications) is a secure, very short-range wireless communication technology that lets two NFC-enabled devices (your smartphone and/or EMC card and NFC-capable payment processing hardware) exchange information.
As such, NFC allows for e-purse payments (e.g., Apple Pay and Google Wallet) on an EMC-capable payment processing device.
EMV (Europay, MasterCard, Visa)
To further enhance the security for authenticating credit and debit card transactions, EMV is a global standard for the interoperability of EMV-compliant integrated circuit cards (IC cards or "chip cards") and EMV-compliant credit cards. Through the use of chip-based cards, compared to magnetic stripe card transactions that rely on the holder's signature and visual inspection of the card to check for features such as a hologram, EMV chip card transactions improve security against fraud.
EMV also allows for e-purse payments (e.g., Apple Pay and Google Wallet) via NFC (Near Field Communications) a secure, very short-range wireless communication technology that lets two NFC-enabled devices (your smartphone and/or EMC card and NFC-capable payment processing hardware) exchange information.
EMV Card Distribution
By the end of 2015, 70% of all U.S. credit cards (and 41% of all U.S. debit cards) will be EMV-enabled.
What This Means for the Business Owner
The increased protection from fraud has allowed banks and credit card issuers to push through a 'liability shift' such that merchants will be held liable (beginning October 1, 2015) for any fraud that results from transactions on systems that are not EMV capable.
What You Need to Do...and When
To protect your most valuable asset—your business—from the liability for card payment fraud, you MUST work with your POS provider to upgrade your non-EMV compliant payment processing equipment. Your POS provider will also discuss compliance with PCI DSS 3.0, the new standards for payment processing.
And the time to upgrade is NOW. Here’s why:
1. You can begin accepting mobile wallet payments immediately and position yourself now for EMV card acceptance
2. You can avoid a likely EMV terminal shortage as 10/1/15 draws closer
3. You will be demonstrating to your customers that cardholder data security is a top priority
The Bottom Line
The October Revolution is coming. Don’t put off until then (or later) what you need to do TODAY. The solution—getting EMV-capable payment processing equipment for your business---is simple. And with it, comes enhanced security and a world of future payment possibilities!