In our blog post, Time to Say so Long to Swiping?, we discussed how payments security and the EMV (Europay, MasterCard and Visa)– standard has transformed the way Canadians and Europeans are taking payments. With credit card fraud on the rise, EMV has created one interoperable system that will help secure payment transactions. With the increase in demand for EMV in Canada, and the looming October 2015 migration to EMV for the United States, Beanstream is staying ahead of the curve by offering an EMV solution for mobile in Canada.
Mobilizing Chip & PIN
Beanstream, a Digital River company, is one of the first innovators in Canada to recognize the need to process EMV transactions on the go. Launching this fall, the release of Beanstream’s mobile POS solution with EMV, opens the door for merchants to capture all sales opportunities and broaden their client base by processing debit, credit and contactless payments. But what does this really mean for merchants?
There is an increasingly high demand for debit usage in Canada. Interac Canada found that over 4.5 million debit transactions had been processed in 2013, an increase of 23 percent since 2009, representing 56 percent of total card transactions according to the March 2012 Nilson Report.
Chip technology, EMV, provides debit and credit cards with the ability to store and process data securely. Unlike EMV’s archaic ancestor, the magnetic stripe, the strength in processing power and cryptography between the card with chip and the merchant terminal allow for security checks to be performed to ensure the card validity.
Canadians have embraced the security provided by EMV transactions shown by the quick conversion of nearly 90 percent of Interact debit cards and over 84 percent of terminals in 2011 to EMV. As of the end of 2012, all Canadian Automated Banking Machines and Interac debit cards have been converted to chip technology.
Speed at Point of Sale
Contactless payments have taken off in Canada with many payments less than $100 now being eligible for ‘tap and go.’ Most credit and debit cards issued in Canada now support contactless payments, which greatly speeds the checkout process and is both simple to use and convenient for consumers.
With the introduction of EMV terminals, fraud responsibility is shifting. In Canada and Europe, the liability of fraud has shifted from the merchant to the card issuer when chip and pin or contactless transactions are processed. Merchants that accept chip-and-PIN or contactless cards now can more effectively manage fraud liability.
For merchants on the go, mobile payments are no longer an option, they are a necessity. Beanstream mobile POS and EMV enables merchants who want to process every type of in-person payment, on the go or in stores across Canada while reducing fraud liabilities. So, take your happy hour now, dial up Beanstream and don’t forget some debit with those chips. Learn more at Beanstream.com.