Telecash already has 2,000 terminals that are approved and activated for EMV, and is planning to make secure devices available across Germany as quickly as possible.
The EMV term derives from the initials of Europay, MasterCard and Visa and is a common technical security standard which aims to make worldwide payments more secure and help reduce card fraud at the point-of-sale (POS).
The magnetic stripe will be replaced by an intelligent chip, on which ATMs and card devices at the POS will perform security checks. To process credit cards with the EMV chip, EMV-compliant POS terminals must be equipped with new functionality. While a general procedure has been agreed for the approval of EMV-capable terminals in Germany, no terminals have yet been issued using this procedure.
The EMV standard has been binding since January 2005. The introduction of this security standard brings with it a liability shift, which means that a payment partner that does not support EMV is liable for any fraud that could have been avoided with the use of EMV technology. This liability shift affects card issuers and those companies signing an acceptance contract with merchants. It can even result in merchant liability in cases of fraud.
