The big day is almost here. The long-awaited liability shift for EMV cards happens this week and everyone is finalizing their plans.
“PayPal announced Monday that the PayPal Here Chip Card Readers will be available September 30, one day ahead of the deadline, for $149 at purchase. Merchants who process $3000 using the reader within the first three months will get a $100 rebate. The company says the reader, which has been available in the U.K. and Australia for two years, also accepts magnetic stripe cards and NFC payments like Apple Pay and Samsung Pay.
“We look forward to working with small businesses to help mitigate the impact of the liability shift on their business, and we will continue to innovate to help them stay ahead of the payments curve,” PayPal said.”
As we have repeatedly written about in our research here at Mercator, the October 1st “deadline” is going to be a bit anticlimactic given the struggles that issuers and merchants have had in actually rolling out chip cards and readers for their customers. The unevenness of that rollout (and the resulting consumer confusion) will lead to a much more dramatic moment for the payments industry: black Friday.
Overview by Alex Johnson, Sr. Analyst,Credit Advisory Service at Mercator Advisory Group
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