EMV Becoming the Standard Worldwide
The security of credit card data has always been a very important topic in the world of payments. Over twenty years ago, EMV (Europay/MasterCard/Visa) was formed to create a global standard for chip based credit and debit cards. One of the key goals was to reduce fraud and counterfeit cards.
Since that time, Europe has had a strong adoption rate of this standard – in Western Europe 99.9% of all payment terminals and 81.6% of all cards meet EMV standards. Now we are seeing EMV spreading throughout the world for the same reason – fraud is still a major issue.
Recent Adopters of EMV
Two large countries – Australia and the United States – have been on the EMV path for several years. In Australia, dates for payment terminals to become EMV compliant have shifted over the years, but in April 2014 all payment terminals were supposed to meet EMV requirements. The key date for the United States is October 2015, which is when merchants will be liable for security breaches at their own payment terminals if they are not upgraded to meet EMV standards. In 2014, the United States saw data breaches effecting two of its largest retailers, Home Depot and Target, which only strengthened the need to move to a more secure platform.
When it comes to EMV, there are always questions :
– Is it chip and pin?
– Is it chip only?
– What about contactless payments?
In Australia the rules vary depending on the transaction amount. Transaction values below 50 AUD, such as the ones common for parking, do not require a pin number. Contact and contactless EMV are both mandatory in the parking industry. The US rules are yet to be defined but based on what we are hearing today, it is expected that PIN entry will not be a requirement, at least at the beginning of the EMV transition.
Is Parkeon Ready For Global EMV Expansion?
Back in 2006 , Parkeon became the first automated vending machine manufacturer to offer parking equipment that accepted EMV payments in Europe. Today, over 30,000 Parkeon multi-space parking meters accept EMV payments.
Utilizing its strong experience in EMV, Parkeon recently became the first on-street parking supplier to deliver EMV in Australia. As the US market prepares for EMV, Parkeon is ready with a solution. Parkeon has already successfully experienced various EMV transitions worldwide, therefore, Parkeon is ready with EMV capable readers & platforms. Currently the technical requirements in the US are not fully defined yet. Parkeon is working hard to lobby for our customers to be able to utilize Parkeon card reader that is installed in our multi-space meters in the US today.
Municipalities, educational institutions, and private parking operators, can be assured that Parkeon is the right partner when it comes to electronic payments because of our experience in the 55 countries where our equipment is present. In 2014, we processed approximately 170 million credit/debit card transactions. As we develop payment applications for the future, we build platforms that can be used globally, to ensure that we can meet the demands of any market around the world.