A US trade group is asking the payment-card industry to delay the October EMV transition plan that will leave the retail food stores and pharmacies it represents liable for fraudulent transactions if they are unable to meet the deadline.
Source: www.paymenteye.com
FMI sent letter to VISA/MC asking for 2016. Retail food stores and pharmacies will not be able to meet 2015 deadline.
Along with the cost of updating their equipment, merchants face a 16-week delay for delivery of EMV-enabled card readers, the letter said. The group of American retailers also fears that the introduction of chip cards will cause larger checkout queues during the run up to the holiday season.