Visa has outlined a number of initiatives to help speed up EMV chip migration for merchants in the US to prevent fraud.
Visa believes that the initiatives will slash EMV chip migration timeframes by as much as 50%.
Data from Visa reveals that there are currently 300 million chips card in circulation in the US market which are now ready to be used at 1.2 million merchant locations. Typically, 23,000 new merchant locations become chip-ready each week.
Visa has modernised its testing requirements to reduce the complexity, time, and cost of implementation even in the more complex merchants’ point of sale environment, which requires more testing to ensure it works properly for the merchant and cardholder.
Visa is set to armed acquirers with more freedom in selecting merchants and will allow them to self-certify merchants which will further reduce certification wait times. Additionally, Visa will offer a system for acquirers to share certification test results with each other to avoid testing duplication.
Visa has decided to provide funding to support both acquirers and the value-added resellers (VARs) that develop the software to power chip terminals. The company will hands-on support to VARs who may need technical information, education, consulting, and training.
Visa group executive for North America Oliver Jenkyn said: "Visa recognizes the importance of having the industry help merchants get their chip terminal solutions up and running quickly so that everyone, especially consumers, can benefit from the powerful security protection of chip technology.
"We’ve taken steps to simplify the process as much as possible and help reduce any challenges so merchants can move forward with chip adoption quickly."
Additionally, Visa is amending its policies to limit the number of fraudulent transactions that issuers can charge back to merchants and their acquirers. Effective 22 July 2016, Visa will block all US counterfeit fraud chargebacks under $25, which generate a great deal of work and expense for merchants and acquirers.