By July of 2016, fully 71% of all card transactions were conducted with chip cards. In five short months that number had grown to 36%. And that was seven months before the change in possible liability was enacted.

In the case of businesses using Square Stand and Reader, in March of 2015 the number of chip card transactions was only 17% of all transactions. The effect of the liability on merchants has produced a steady growth of chip card transactions. As of October 2015, if a customer uses a fraudulent chip card and the merchant does not have an EMV card reader, that merchant could be liable for the fraud.

This is very important because of the ever-increasing amount of credit card fraud. What is an EMV Card Reader? Development of EMVĮMV® developed and managed by American Express, Discover, JCB, Mastercard, UnionPay, and Visa - is a global standard for credit cards that use computer chips to authenticate (and secure) chip-card transactions.1 EMV chips encrypt bank information making it far more secure than the old magnetic-stripe cards.

Emv credit card chip reader writer