Visa Launches EMV Chip Education Tour for Small Businesses
March 13 2015 - 10:00AM
Business Wire
20-city tour designed to help small
businesses understand how and why they should prepare for accepting
chip payment cards
Visa Inc. (NYSE:V) today launched its 20-city tour to educate
small businesses and consumers about payment card chip technology
(also known as EMV technology). The Small Business Chip Education
Tour will commence at the Greater Austin Hispanic Chamber of
Commerce Small Business and Entrepreneurial Showcase in Austin,
Texas. Participants will have the opportunity to hear from payments
industry experts and connect directly with merchants who have
already migrated to chip technology. They will also have an
opportunity to see demonstrations of how chip technology works at
the payment terminal to protect sensitive account information from
risk of fraud.
While chip implementation in the U.S. is underway, a recent
study conducted by the Aite Group found that one-third of small-
and medium-sized merchants are still unaware of chip
technology.
“Visa is supporting merchants and consumers through education to
ensure a seamless transition to this new technology,” said Ramon
Martin, head of global merchant sales and solutions at Visa
Inc.
Martin added, “We know that time is a valuable resource to small
business owners and we designed the Small Business Chip Education
Tour to bring the most critical information on chip technology to
merchants directly. In cities across the country, we will set up
educational sessions to explain how chip technology can protect
consumers from fraud, and how businesses can offer it in their
stores.”
Chip education and adoption is critical, because as of October
1, 2015, liability for counterfeit fraud on Visa chip card accounts
will shift from the chip card issuer to business owners who have
not upgraded to chip-activated terminals.
“For small businesses, running smoothly and protecting their
customers is of top importance, particularly in the digital age,”
said Javier Palomarez, the President and CEO of the U.S. Hispanic
Chamber of Commerce. “At the US Hispanic Chamber of Commerce, we
are proud to partner with Visa to bring the Small Business Chip
Education Tour to small business owners throughout the country, and
will continue to inform our membership on the benefits of chip
technology.”
How Chip Cards Work
When inserted into a terminal, a chip card generates a unique,
one-time code needed for the transaction to be approved. Because
this code changes with every transaction, even if the card data is
stolen, the information can’t be used to create counterfeit cards
because the stolen code would have already “expired.” This feature
makes EMV chip card data a less attractive target for criminals to
steal. According to a report by Aite Group, counterfeit fraud in
countries such as Australia, Canada and the U.K. decreased by 50-75
percent after merchants and financial institutions adopted chip
technology.
Business and Consumer Education Campaign
The Small Business Chip Education Tour builds on Visa’s efforts
to educate consumers and businesses about the role chip plays in a
multi-layered approach to securing the payment ecosystem. Visa has
partnered with financial institutions, business groups, media
organizations, consumer advocacy groups, and others for in-market
events throughout the U.S. The next event in Visa’s Small Business
Chip Education Tour will be held in Orlando, Florida, in
partnership with the Orlando Chamber of Commerce on April 3,
2015.
In addition to in-market events, the Small Business Chip
Education Tour will also host webinars that will be made available
on the company’s dedicated chip website, www.Visachip.com.
“As the largest segment of merchants in the U.S., it’s critical
that small businesses understand how chip technology works and what
it means to the protection of their business and the data of their
customers,” said Kim Lawrence, senior vice president of Corporate
Initiatives at Visa. “This is a technology that has already been
widely adopted in many markets, and has proven to significantly
reduce the incidence of fraud at the physical point-of-sale.”
Visa has also recently launched an online toolkit to help
businesses make the transition. The toolkit, available at
www.VisaChip.com/businesstoolkit includes a step-by-step guide to
adopting chip as well as videos, infographics, and other resources
to help merchants make the seamless transition to chip-activated
terminals.
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that
connects consumers, businesses, financial institutions and
governments in more than 200 countries and territories to fast,
secure and reliable electronic payments. We operate one of the
world's most advanced processing networks — VisaNet — that is
capable of handling more than 56,000 transaction messages a second,
with fraud protection for consumers and assured payment for
merchants. Visa is not a bank and does not issue cards, extend
credit or set rates and fees for consumers. Visa's innovations,
however, enable its financial institution customers to offer
consumers more choices: pay now with debit, pay ahead of time with
prepaid or pay later with credit products. For more information,
visit usa.visa.com/about-visa, visacorporate.tumblr.com and
@VisaNews.
Visa Inc.Jennifer Morris, +1 202-760-0145jemorris@visa.com
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