MasterCard to Require EMV Acceptance at ATMs Posted by AVCU on 11:55 AM

This week MasterCard recently announced that U.S.-based ATMs that are part of its network will have to accept EMV cards beginning April 19, 2013. The network also clarified that it would not place pressure on U.S. card issuers to issue EMV cards.

On September 1 MasterCard announced it will extend its existing EMV liability shift program for inter-regional Maestro ATM transactions, as part of an effort to align technology efforts to prevent and manage fraud. The liability shift will cover both the United States and Asia-Pacific regions and will be effective on April 19, 2013, with the exception of Australia and New Zealand, where the liability shift will become effective on December 31, 2015. Liability shift already applies for Europe, Canada and the Middle East and Africa and will be completed for Latin America by end of October 2012.

Reduced revenues stemming from the Durbin interchange amendment are projected to drive large United States issuers to EMV cards in order to reduce fraud losses. EMV cards are reported to be more secure when it comes to fraud than traditional magnetic stripe cards.

EMV stands for Europay, MasterCard, and Visa. EMV cards are increasingly important in credit card transactions overseas, where some card readers cannot process traditional magnetic stripe cards.