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21/02/2012 -
In a best practice report, Visa explains why PINs won't be necessary for processing transactions with EMV chip technology in the future.The technology used to be called chip-and-PIN because merchants required authentication for offline sales. However, in the U.S. and other countries that are planning adoption in the next few years, retailers probably won't be processing sales offline. Increased availability of bandwith enables retailers to transmit payment information online to get approval from card issuers in real time.
Visa recommends that retailers establish EMV services that allow them to process sales online and offline with a variety of authentication methods, including PIN, signature capture and no signature. Depending on the amount of the transaction, merchants can decide what type of verification method is most appropriate.
"By adding the dynamic cryptogram of the EMV chip to online authorization, we'll increase transaction safety even more, yet without the more complex and expensive cards, terminals and processing capabilities that are needed to support offline authorization," said Stephanie Ericksen, head of authentication product integration at Visa.
With improved security for credit and debit transactions, retailers can safely accept credit card payments through point-of-sale terminals embedded with EMV chip technology.
