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10/02/2011 -
Visa recently launched its Technology Innovation Program as part of an effort to prevent eligible merchants from having to annually validate their compliance with the Payment Card Industry Data Security Standard.In an industry first, the TIP program allows merchants to be excused from validating their PCI DSS compliance for any year that at least 75 percent of their Visa transactions come from chip-enabled point-of-sale terminals. Merchants can begin applying for the new program starting March 31, 2011. Visa Europe also has a similar program in place, allowing merchants across the world to participate.
"Although Visa's global fraud rate remains at an all-time low of less than six pennies out of every $100 transacted, we believe the future of security lies in dynamic data," said Ellen Richey, chief enterprise risk officer at Visa.
EMV-compatible chip point-of-sale terminals that can process both contact and contactless payments can help markets become less vulnerable to fraud and mass data compromise attacks by facilitating the move to chip technology, added Richey.
Smart Card Alliance recently published a whitepaper discussing the potential for a switch to EMV payments in the U.S., where the technology has been slow to gain traction.
