MasterCard on Thursday provided an update on its migration to Europay, MasterCard and Visa (EMV) chip technology and the regulatory implementation challenges facing merchants with automatic fuel dispensers.
“Over the past months, we have had extensive discussions with fuel merchants, issuers, acquirers and other stakeholders regarding these unique challenges,” the company said in a statement. “Today, MasterCard is modifying the automatic fuel dispenser liability shift date from October 2017 to October 2020. This decision applies only to automated fuel pumps.”
The company said it remained committed to EMV technology as the best and most effective solution to combat counterfeit card fraud. Additionally, MasterCard said its priority was to ensure consumers could shop confidently anywhere and that it would continue working with fuel partners, station owners, industry associations and third-party vendors to ensure a smooth transition to EMV.
In addition to its statement, MasterCard announced a decision-intelligence suite of products, which will allow issuers to take advantage of new artificial intelligence technology from MasterCard’s global network and increase real-time approvals of genuine transactions by reducing false declines.