American Express Announces EMV Plans

First compliance deadline set for April 2013.

American Express issuer is joining MasterCard, Visa and Discover in integrating EMV chip-based contact, contactless and mobile payments for its American Express-branded cards in the U.S., Contactless News Online reported.

Merchants, processors and issuers of AmEx cards will need to comply with its requirements and deadlines:

• April 2013: Processors must have capabilities in place to support American Express EMV chip-based contact, contactless and mobile transactions.

• October 2013: Merchants who have POS acceptance locations enabled to process American Express EMV chip-based contact and contactless transactions will be eligible to receive relief from PCI Data Security Standard (DSS) reporting requirements.

• October 2015: American Express will institute a Fraud Liability Shift (FLS) policy to steer liability for certain types of fraudulent transactions away from the party that has incorporated the most secure form of EMV technology.

• October 2017: American Express’ FLS policy will take effect for U.S. fuel merchants for transactions generated from automatic fuel dispensers.

American Express plans on issuing EMV-compliant cards in the U.S. in the second half of 2012.

 

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