The U.S. petroleum industry has until October 2020 to comply with the card networks’ deadline to accept EMV chip cards. Will it make it? According to one expert observer, the odds aren’t good. “Some will not be ready,” Terry Mahoney, a partner who follows the industry at Chicago-based W. Capra Consulting Group, tells Digital Transactions News.
Recognizing the problem, some petroleum companies are offering financial incentives to their marketers to help them with the expense of compliance, Mahoney said. He estimated that, fully rolled out, the cost of the EMV pump conversion alone will total $4 billion to $6 billion. The EMV fuel pump deadline had been October 2017, but the card brands moved it in light of the complexity of the conversion to chip card acceptance.
From Digital Transactions