The U.S. migration to EMV chip technology is progressing quickly — more than 400 million chip cards have already been issued and 1.2 million merchants are enabled to accept them. With October 2015 EMV fraud liability shifts in place and consumer awareness of security benefits of chip increasing, now is the time for parking industry stakeholders to invest the time and, where appropriate, the funds to prepare for the migration to EMV.
In making the transition, there are a lot of questions unique to the parking industry — what are the most critical aspects of deploying EMV-compliant solutions within the parking infrastructure? How does EMV affect attended and unattended parking payment terminals? What is the relationship between EMV, U.S. contactless payment card transactions, and NFC-enabled mobile payments?
To provide guidance, the Smart Card Alliance and IPI will soon release a white paper called “EMV and Parking.” The white paper will provide a broader understanding of EMV and the fraud liability shifts, as well as key considerations for EMV migration in the parking industry and refreshed scenarios covering the critical aspects of deploying EMV-compliant solutions within the parking infrastructure.
Keep an eye out in the coming weeks for the white paper, which will be posted here!