The global card payment acquiring company WorldPay US, via its statement announced that they have successfully completed Visa EMV acquirer testing, a preparation for them to allow business owners to accept “chip” cards encrypted with the EuroPay, MasterCard and Visa (EMV) standard. WorldPay US is planning to complete similar EMV with MasterCard, Discover and American Express in the coming months.
After the received EMV certification, WorldPay able to help their customers to adapt the change in payment landscape which will protect their business and cardholders from card fraud via the EMV technology. According to Financial Fraud Action UK, after the introduction of the new cards and readers leveraging on EMV technology, overall credit card fraud in the United Kingdom was reduced by 32.5 per cent from 2004 to 2011, with fraud from lost or stolen cards going down 56.3 per cent. Additionally, counterfeit magnetic stripe cards dropped 72.5 per cent during the same time period.