17 August 2017
Find out more

Visa Canada postpones chip liability shift

24 September 2010  |  5424 views  |  0 Source: Visa Canada

Visa Canada and its Canadian card-issuing financial institutions, in response to requests from the merchant community, have assisted merchants by postponing the domestic chip liability shift's effective date to March 31, 2011.

This date signifies when Canadian merchants become liable for domestic card-present fraudulent transactions that may have been avoided by adopting Chip technology. Liability involving chip cards used at non-chip devices was originally slated to shift on October 1, 2010, but issuers will continue to absorb the liability for domestic transactions until March 31, 2011.

Visa and its clients recognize the complexity of the migration to chip payment technology by Canadian merchants. Merchants who are in the process of making the conversion will have additional time to implement chip-compliant technology and can temporarily delay the introduction of changes to their payment environment in the lead up to and during December, typically the busiest shopping period of the year. This postponement will not have any negative long-term impacts on chip migration in Canada.

"Visa and its clients recognize that this one-time extension allows merchants to temporarily delay the adoption of chip technology until after the busy holiday shopping period, should they choose to do so," said Tim Wilson, Head of Visa Canada.

Merchants play a critical role helping to create a safe payments system in Canada. The successful rollout of chip and PIN (personal identification number) innovation in Canada has been aided by the many merchants who have already adopted chip-compliant technology. Visa congratulates these merchants for helping to make an already robust payments system even safer as they benefit from enhanced security and convenience, improved efficiencies and fewer chargebacks due to fraud.

In 2003, Visa Canada committed to bring chip technology to the Canadian market to provide Visa cardholders and merchants with the benefits of chip & PIN security. Chip cards contain embedded microchips and use dynamic data to provide greater security to credit card transactions.

Chip cards are just one of many layers of Visa's fraud detection and prevention systems and programs. For instance, Visa cardholders can have peace of mind knowing that under the Visa Zero Liability policy, they will not be liable for unauthorized use of their card if their card is lost, stolen, or if their card number is used fraudulently.(x)

To find out more about the chip technology, Visa encourages merchants to speak with their acquirer or payment processor or visit Visa.ca/Merchant.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.worldpaymentsreport.comvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10221 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9562 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9384 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8401 views comments | 6 tweets | 21 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
7880 views comments | 1 tweets | 2 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job