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15/10/2009 -
After some resistance from merchants, especially in the petroleum retailers sector, Visa has announced that it extended the deadline for fining non-compliance with the new Triple DES (TDES) mandates for PIN debit card processing.This mandate requires that merchants with payment processing capabilities that include PIN debit card processing upgrade their POS terminals to comply with this new security technology.
Visa did not officially change the deadline for compliance - which still stands at July 1, 2010 - but said that acquirers and merchants would not face fines for not upgrading until August 1, 2012, calling it the "'drop dead' date for upgrading POS to TDES.
"I recommend taking a sooner, rather than later approach," said Michael Davis, vice president of member services for the National Association of Convenience Stores in the U.S. "The popularity of PIN debit with consumers looking to protect their data and get away from living on credit makes upgrading POS [terminals] a no-brainer. It's usually less than $500 per POS [terminal] to serve this consumer segment."
The Canadian debit card market will also be influenced by the recent announcement from finance minister Jim Flaherty, proposing a "voluntary code of conduct" for debit card payment processing.
