Additionally, WorldPay US is on track to complete similar EMV certifications with MasterCard, Discover and American Express in the coming months.

"EMV is largely about helping reduce card fraud, which benefits everyone involved - from the card issuer to the cardholder to the business owner," said Tony Catalfano, president and CEO of WorldPay US.

"By achieving VISA EMV certification and diligently working towards certification with the other card brands, we are broadening our scope of capabilities to meet the needs of our customers, and align with the evolution of card payment types. Furthermore, this accomplishment positions us to provide an enhanced level of service to our customer base by helping them protect their business - and their customers - from card fraud and the harm that can be done as a result."

EMV cards include a microchip that sends a dynamic protected value unique to each transaction. These truly "smart" cards provide a level of data protection simply unavailable with magnetic stripe cards, which can be more easily cloned. And, it is expected that the microchip may eventually replace the magnetic stripe most consumers have become accustomed to. Further embedded in the chip are security features that will support additional validation by PIN, based on each card issuer's requirements. A standard in Europe and elsewhere, many chip cards will also support RFID "tap and go" payments.

Having played an instrumental role in the European implementation of EMV, WorldPay has unique insight into the challenges of adoption - by business owners and consumers alike - as well as the benefits to be gained.

According to Financial Fraud Action UK, after the introduction of the new cards and readers, overall credit card fraud in the United Kingdom was reduced by 32.5 % from 2004 to 2011, with fraud from lost or stolen cards going down 56.3%. Additionally, counterfeit magnetic stripe cards dropped 72.5 % durin during the same time period.

With an estimated $8.6 billion* in annual card fraud in the US, there's substantial incentive to move toward the EMV standard as quickly as possible. However, facilitating a technology change of this magnitude will take time and considerable effort.

As issuers prepare to begin issuing hybrid cards - chip on the front, magnetic stripe on the back - the card associations and networks are working closely with payment acquirers to prepare to support business acceptance of the new payment type.

By completing EMV certification with Visa, WorldPay is well-positioned to help our customers quickly and easily adapt to a changing payments landscape.

2 Ways Business Owners Will Be Able to Accept Chip Card Payments

Contact (dipping the card)
The cardholder inserts the card into the point-of-sale device, where the card remains until the transaction is completed. If a customer removes the card before the charge is approved the transaction will fail and the customer will be required to provide their card again.

Contactless ("tap-and-go")
The cardholder waves the card by the chip card-enabled point-of-sale device to provide payment information. Once the transaction has been authorized, the customer might then be prompted to enter a PIN or to sign a receipt.