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New research is out that shows 75 percent of retailers will not be in compliance with EMV chip cards by the October liability shift deadline, which is now three months away. This percentage is higher than in previous studies and comes shortly after the publication of a white paper from the EMV Migration Forum explaining the liability shift.
Mobile point-of-sale systems are intended to roam free, meeting and checking out customers wherever they may be, but many merchants are anchoring the devices to the counter as a replacement for traditional POS terminals.
Apple Pay is DOA. Samsung Pay is delayed. CurrentC won't even get that far. EMV has negative ROI. Those are just a few of the story lines of the past few weeks. All seem to ignore one important point: this is very new stuff.
A recent study suggests that 75 percent of independent retailers are worried about being victims of a security breach, while 44 percent of U.S. retailers will not be ready for the EMV liability switch deadline in October—and 5 percent of companies have already experienced a security breach.
While many retailers are under the gun for the EMV liability shift deadline in October, there's an earlier cutoff on June 30 that may be just as important to meet: five mandatory changes in compliance for the Payment Card Industry Data Security Standard version 3.0.
Payment security technology is top-of-mind for most retail IT executives who are seriously considering, if not aggressively adopting, EMV chip card systems, tokenization, Apple Pay and point-to-point encryption. All are important, but none are complete solutions in and of themselves.