The Future of EMV: Why Non-EMV Cards Are Becoming Obsolete

As major credit card brands continue to push for widespread adoption, contactless EMV (Europay, Mastercard, and Visa) transactions are increasingly becoming the norm. This shift away from traditional swipe payments has left many merchants wondering what lies ahead.

Starting June 1st, 2021, any merchant who fails to meet certain EMV compliance standards risks facing serious consequences – including hefty fines. For those still lagging behind in implementing EMV-enabled card readers and processing systems, the writing is on the wall: adapt or face the music!

What exactly does this mean for merchants? In simple terms, if a business has more than 10 monthly 'fallback' transactions (i.e., when an EMV card is swiped instead of being inserted into its corresponding reader), they can expect to receive an unwelcome surprise in their next statement – courtesy of VISA.

This new fee structure aims to encourage merchants across the globe to ditch outdated technology and upgrade to more secure, chip-enabled payment systems. As a reminder, here are some key points about EMV compliance:

1) What is an EMF card?

An EMF (EM-ee-em-eff) card simply refers to any type of credit or debit card that doesn't meet the latest Europay Mastercard Visa standards for contactless payments.

2) Why should I care if my customers use a non-EFM card at my business?

Using a Non-EMV Card: What You Need To Know

If your merchant bank has more than 10 monthly 'fallback' transactions, you can expect to receive an unwelcome surprise in the form of a new fee. This fee will be assessed per transaction and is designed to encourage businesses across the globe to ditch outdated technology and upgrade to more secure, chip-enabled payment systems.

In summary, if your business hasn't yet made the switch from traditional swipe payments to contactless EMV transactions by June 1st, 2021 – now's the time! With major card brands continuing their push for widespread adoption of EMV cards and new fees being implemented left and right, there really isn't any excuse not to get on board with this modern payment revolution.

For more information about implementing an EMV compliant self-service kiosk at your business or simply want some guidance on how best to navigate these changing times within the financial card sector – contact us today!

Non emv card