In an effort to prevent fraud, Visa plans on rolling out its EMV chip cards in the Philippines, reports The Philippine Star.
Visa has set a timeline for the rollout, during which time acquirers should upgrade their ATMs to accept the cards. Should acquirers not meet Visa’s deadline for accepting the cards, they will have to accept liability in cases of fraud.
Another reason for bringing EMV technology to the country is to enhance card protection and have a stronger system that protects against card fraud. EMV also has more international interoperability and is a foundation for mobile payments.
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