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The impact of EMV fraud reduction is already noticeable among those merchants that have installed the new point of sale (POS) technology, according to a new report from Visa.
As reported in USA Today, some large merchants that have installed and activated the chip-enabled POS terminals saw fraudulent transactions fall by as much as 18 percent as of the final quarter of 2015, while merchants who hadn’t yet started accepting chip-enabled cards suffered an 11.4 percent increase in fraudulent transactions.
The chip-enabled cards are more secure because, unlike cards with magnetic stripes, they generate a one-time code for each transaction.
According to Computerworld, about half of the nation’s 12 million POS terminals have been upgraded to accept EMV, but only some 10 percent of all terminals had the necessary software and certification to handle the transactions — a figure that’s expected to grow to 50 percent by the end of 2016.
Better Security, Business Benefits in mPOS
Adding and activating the new POS capabilities not only enhances security for merchants, but also provides additional business opportunities through the adoption of mobile POS (mPOS).
Tablets with mPOS solutions offer self-checkout, e-receipts and virtual POS experiences. When merchants use these tablets, they can serve their customers more intuitively by meeting them right in the aisle to answer questions or to process a sale immediately, before allowing the purchase impulse to pass. When the checkout lines becomes too long, proactive merchants are also using this system for “line busting,” enabling sales associates to process transactions for customers in the checkout line while reducing their wait times and increasing their satisfaction.
Line busting is just one area where merchants can use new payment technology to improve customer convenience. Merchants can also encourage customers to use their smartphones to enjoy the benefits of contactless payment services such as Samsung Pay. Because it supports both near-field communications and the magnetic secure transmission technology, Samsung Pay works on both old and new payment terminals. It also provides mobile payment security using tokenization to transmit payment information and the Samsung KNOX platform to secure the users’ mobile devices.
While EMV fraud still occurs, using a combination of Samsung Pay and mPOS devices enables merchants to quickly improve their security while also providing customers with a streamlined shopping experience.
Learn more ways to keep your customers engaged and satisfied on our retail solutions page.