American Express announced its plan to integrate EMV chip-based contact, contactless and mobile payments for its American Express-branded cards in the U.S.
The credit card issuer is joining MasterCard, Visa and Discover in rolling out the more secure EMV payment technology. Merchants, processors and issuers of AmEx cards will need to comply with its requirements and deadlines, which are:
- By April 2013: Processors must have capabilities in place to support American Express EMV chip-based contact, contactless and mobile transactions.
- October 2013: Merchants who have POS acceptance locations enabled to process American Express EMV chip-based contact and contactless transactions will be eligible to receive relief from PCI Data Security Standard (DSS) reporting requirements.
- October 2015: American Express will institute a Fraud Liability Shift (FLS) policy to steer liability for certain types of fraudulent transactions away from the party that has incorporated the most secure form of EMV technology.
- October 2017: American Express’ FLS policy will take effect for U.S. fuel merchants for transactions generated from automatic fuel dispensers.
American Express plans on issuing EMV-compliant cards in the U.S. in the second half of 2012.