EMV Verification

DO I still have to sign or enter a PIN for my card transaction?EMV Verification

Yes and No. You will have to do one of those verification methods, but it depends on the verification method tied to your EMV card, not if your card is debit or credit. Chip-and-PIN cards operate just like the checking-account debit card you have been using for years.

Entering a PIN connects the payment terminal to the payment processor for real-time transaction verification and approval. However, many payment processors are not equipped with the technology needed to handle EMV chip-and-PIN credit transactions..

There aren’t going to be many issuers requiring a PIN,  The  vast majority will be issuing chip-and-signature cards, which aren’t all that different from how credit cards work now.

As with a magnetic-stripe credit card, you sign on the point-of-sale terminal to take responsibility for the payment when making a chip-and-signature card transaction.

U.S. chip-and-PIN cards will be transitioned in slowly, according to Ferenczi ,of Oberthur Technology.

“The card production demand today is really based on chip-and-signature cards,” he says. “It will probably take two to three years to fully convert to chip-and-PIN.”

Despite a slow transition overall, those who get chip-and-PIN cards will be able to use them right away.

If a terminal doesn’t have the ability to accept a PIN, it will then step down to accepting a signature.”There will always be a secondary option.”

Chip Cards, Today by the Numbers

The Numbers

855 million: Estimated number of chip cards issued to U.S. consumers so far, per U.S. Payments Forum estimates
85%: Estimated percentage of all U.S. credit cards issued with chips at the end of July 2017, per CPI Card Group
60%: Percentage of U.S. debit cards issued with chips by the end of July 2017, per CPI Card Group
$2-$4: Approximately cost of issuing a new EMV card, per First Data
15 million: Estimated total number of point-of-sale terminals that have to be upgraded to accept chip cards, per Javelin Research & Strategy
$6.75 billion: Estimated cost of replacing the 15 million POS terminals with chip card-compliant machines, per Javelin Research & Strategy
50-52%: Estimated percentage of merchant locations currently ready to process chip card payments, per Visa, U.S. Payments Forum and Strawhecker Group estimates
1.81-2.3 million: Estimated number of U.S. point-of-sale terminals enabled to accept chip card payments, per Mastercard and Visa estimates.

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