SAN FRANCISCO—With approximately seven months to go before a crucial liability shift, just how well is the conversion of U.S. gasoline pumps to accept EMV chip cards going?
It depends on who you ask. Visa says it's progressing nicely, Digital Transactions reported.
Ten percent of automated fuel dispenser (AFD) transactions in the U.S. right now, according to Visa's data, are chip-on-chip.
Chip-on-chip refers to a transaction in which the payment-accepting device reads an EMV card's chip. By October, AFDs at gas stations and convenience stores are supposed to be chip-ready.
Otherwise the merchant acquirer-and ultimately the merchant-will bear the cost of counterfeit fraud.
The card networks had set their fuel-pump liability shifts for October 2017, but in late 2016 they postponed them by three years because gasoline retailers complained about the high cost and complexity of retrofitting or replacing pumps for chip acceptance, Digital Transactions noted.