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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.
Visa has no intention of extending the October fraud liability shift deadline for EMV chip cards. The credit and debit card network will continue its rollout plan for EMV even though a majority of retailers and some banks won't be ready for it in October. That's when retailers or banks will assume liability for fraudulent card use depending on who is least prepared to accept the EMV chip cards.
As the payment wars between retailers and credit card issuers rage on, both sides would be well served if the EMV October fraud liability shift deadline were pushed back, because neither group is fully prepared to meet it. The dispute has been brewing for months and stems in no small part from the long and bloody conflict over card interchange fees. There's no love lost between retailers and their banking partners.