NEW YORK—Gas stations around the U.S. are rushing to upgrade fuel pumps to accept credit and debit cards with chips after Visa and Mastercard rejected a request to delay a looming deadline to complete the work.
Beginning in October, station operators that haven't modernized their pumps will face liability for any card fraud that happens at their businesses, noted Bloomberg.
“Most retailers began to upgrade payment systems in 2015, the first of a series of deadlines set by Visa and Mastercard as the U.S. worked to catch up with nations in Europe and Asia that had long adopted the more-secure chip cards. For fuel retailers, the deadline was ultimately pushed back five years as the industry faced costs of more than $3.9 billion to do the work,” Bloomberg explained.