Visa Europe has launched a technology innovation programme (TIP) that reduces EMV chip merchants’ Payment Card Industry Data Security Standard (PCI DSS) compliance resource requirements and provides an incentive for remaining magnetic stripe-only merchants to migrate to EMV chip acceptance technology.
Merchants who enrol in the programme, effective from 30 April 2011, will be recognised as having full, validated compliance if they have met milestones 1-2 of the PCI’s prioritised approach for PCI DSS, and be exempt from penalties in the event of a data compromise if they have completed milestones 1-4.
Stanley Skoglund, senior vice president (SVP), payment system security, at Visa Europe, said: “EMV chip is a proven technology platform that has helped reduce fraud and enables payment innovation. Visa is taking the lead in recognising and rewarding the investment that many face-to-face merchants throughout Europe have made in migrating to an EMV chip POS acceptance environment. This new programme means that merchants can meet their PCI DSS compliance requirements and reduce their overall security costs.”
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