Parking-Australia-EMV-Compliance

EMV and the Compliance Mandate Explained

Visa and MasterCard have mandated that all meters must be able to accept EMV chip technology in credit cards. EMV chip technology has dramatically decreased the amount of credit card fraud, so new card systems based on the EMV specifications are being rolled out across the world to replace the older magnetic stripe technology.

What is EMV compliance?

Visa and MasterCard have mandated that all meters must be able to accept EMV chip technology in credit cards. EMV chip technology has dramatically decreased the amount of credit card fraud, so new card systems based on the EMV specifications are being rolled out across the world to replace the older magnetic stripe technology.

When is this supposed to happen?

According to CBA the final date for EMV compliance date was 1st April 2014.

As this date has now lapsed, it is recommended that you consult with your preferred bank to get advice on how to implement EMV compliance for your systems.

What penalties apply for reaching EMV compliance by the deadline?

Visa and MasterCard have the authority to issue fines which could be as much as tens of thousands of dollars per violation. However, it is possible to lodge an application for an extension with your bank. Your extension application will need to include a proposal for EMV compliance, including a detailed plan and time frames.

What are the main issues around EMV compliance?

The banks have mandated that the owners of non-compliant meters could be held liable for the cost of any credit card fraud that occurs at non-EMV-capable terminals.

In addition to the above, there can be significant costs in upgrading parking equipment to comply with the new technology. There is also no guarantee that further upgrades will not be required.

What else do I need to know about EMV compliance?

  • Visa has issued a mandate requiring all chip card transactions to be approved with a PIN, however, unattended devices (i.e. parking machines) are exempt from this mandate.
  • MasterCard have issued a mandate that requires all merchants within certain merchant category codes (including parking lots) be able to accept and process PayPass cards via a contactless reader. Upgrades for contactless payments can increase capital outlay.
  • All terminals must continue to accept magnetic stripe transactions.
  • EMV certification must be obtained and involves a three stage process. A certifying body will need to verify that your technology has completed an ‘end-to-end’ transaction before EMV compliance is obtained.

Who can help assist me with the EMV compliance process?

Your bank should be able to provide written advice regarding the changes to EMV transactions including:

  • Timeframes
  • Fines
  • Liability shifts
  • Technical direction for the long term
  • Provide advice on PCI and EMV standards
  • Review current credit card payment solutions from suppliers
  • Project manage the EMV certification process with the gateway providers, suppliers and independent certification agencies.

What issues are you currently facing with regard to EMV compliance? (Your feedback will be directed to Mastercard and Visa for a response).

Leave a comment

You must be logged in to post a comment.

Parking Australia

  • PO Box 47
    Douglas Park NSW
    2569 AUSTRALIA
  • Ph: 1300 787 233

Follow us on

Copyright © 2016 Parking Australia
Built by Getmilk