July 5, 2012 – In a press announcement last week, American Express laid out the terms for its transition to EMV credit, debit and ATM transactions in the United States. The company’s program is similar to that previously announced by Visa and MasterCard but does have some differences. Amex plans to begin issuing EMV-compliant cards in the U.S. in the latter half of 2012.
Last August Visa set out a three-step plan to encourage dynamic chip authentication adoption, requiring US processors to be able to support merchant acceptance of the technology by April 2013 before switching liability to retailers that have not upgraded in October 2015.
Earlier this year MasterCard and Discover fell in line and have now been joined by the last of the big four, AmEx, which will begin issuing EMV-compliant cards in the latter half of this year. Like its rivals, the company has stressed the rising popularity of contactless and mobile payments as well as security as key reasons behind the switch.
Following in the footsteps of Visa, MasterCard and Discover, American Express has set out a timetable for its US abandonment of mag-stripe cards in favour of EMV chip technology. Key policy requirements and dates in the roadmap are:
„The payments industry is continuing to evolve rapidly, and American Express recognizes the growing demand for chip-based contact and contactless payments in the U.S.,” said Suzan Kereere, senior vice president and general manager of American Express Global Network Business. „We also fully recognize the complexities involved in migrating to EMV chip-based technology, and our first priority is to provide choice and flexibility for merchants and our card-issuing partners so they can adopt the EMV solution that best meets their needs.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: