Visa this week announced a series of initiatives to help accelerate EMV chip migration for merchants.
The credit card giant has streamlined its testing requirements, amended and simplified the terminal certification process, and committed to investing further resources and technical expertise to help merchants upgrade their point-of-sale systems. Visa is also making policy changes to help limit exposure to counterfeit fraud liability for merchants who are not yet chip-ready.
Visa will provide acquirers greater discretion to determine the appropriate level of testing required to ensure a merchant’s solution is ready. Visa is also exploring a system for acquirers to share certification test results with each other to avoid testing duplication. That is, if a certain merchant is known to consistently work with one acquirer, then other acquirers should be aware of this and take it into consideration as they make their decisions.
Visa will increase its investment to support both acquirers and the value-added resellers (VARs) that develop the software to power chip terminals. Funding will be available to help acquirers with any specific resource constraints they may be facing, as well as to help VARs pre-certify their software solutions in a manner that will significantly reduce the subsequent testing at acquirers by up to 80%.