Amex sets aggressive deadlines for contactless and EMV adoption
American Express has issued a series of deadlines for merchant acquirers in markets outside of the U.S. in an attempt to jolt the global migration.
"Contactless payments and EMV chip technology are helping drive speed and security at the point of sale in key markets around the world," said American Express in an emailed statement to PaymentsSource. "To further advance the adoption of this technology and enable a more consistent experience for card members and merchants in these markets, the American Express Global Network is announcing new requirements for merchant acquirers and card issuers."
The deadlines are:
By October 12, 2018, acquirers in Latin America, Europe, Middle East and Africa (EMEA); and Japan, Asia-Pacific and Australia (JAPA) must ensure that all new payment terminals are contactless and EMV enabled.
By April 12, 2019, all issuers located in in Latin America, EMEA and JAPA must ensure all new and replacement cards are contactless and EMV enabled.
And by April 14, 2023, acquirers in Latin America and EMEA mush ensure all existing payment terminals are contactless and EMV chip-enabled.
Contactless payments are advancing in these regions, though at an uneven rate. In its email, Amex said the deadlines are designed to accelerate the adoption of contactless and EMV in regions of the world here consumers and merchants are already showing "strong interest: in these technologies. The timelines will ensure a consistent user experience, according to Amex.
Mastercard and Visa did not return a request for comment by deadline.