American Express announced it would be joining MasterCard, VISA and Discover in adopting EMV chip technology for contact, contactless and mobile payments in the U.S.
AmEx, the last holdout of the four big card issuers, revealed its three-step migration roadmap for abandoning mag-stripe for more advanced EMV technology for all merchants, processors and issuers of American Express-branded cards in the US.
American Express plans to start rolling out EMV-enabled POS infrastructure in the later part of this year, and expect all US processors to support merchant acceptance of the technology by April 2013. From October 2015 AmEx will change its fraud liability away from retailers that accept safer EMV-enable cards.
Like its industry counterparts American Express has emphasised the growing popularity of EMV chip-based cards, which is already the norm across much of Europe. It has also focussed on the benefits for retailers such as relief from PCI Data Security Standard reporting requriements.
Suzan Kereere, GM, AmEx Global Network Business, says: “The payments industry is continuing to evolve rapidly, and American Express recognises the growing demand for chip-based contact and contactless payments in the US. We also fully recognize the complexities involved in migrating to EMV chip-based technology, and our first priority is to provide choice and flexibility for merchants and our card-issuing partners so they can adopt the EMV solution that best meets their needs.”Tags: EMV Adoption