EMV AT THE PUMP

EMV

The credit card industry in the U.S. underwent a liability shift October 1st of 2015. The one major exception to the October 2015 liability shift has been automated fuel dispensers. Automated payment terminals at the pumps were given until October of 2017, to comply with the new standard.

Upgrading a gas pump payment terminal is more expensive than what other retailers face upgrading a typical credit card reader.
• First, the cost of replacing the payment terminal itself.
• After replacing gas station’s payment terminal, it also needs to re-certify the entire pump, which costs additional time and money.
• Gas pumps also have to be certified by state officials, to make sure that they are dispensing and charging correctly.

Consumers need to be vigilant while gas stations are getting a break, the card might be exposed to counterfeit credit card fraud, because whenever the card is swiped the traditional way using the mag-stripe, that EMV chip is not doing anything.

 

 

April 29th, 2016 by