Visa hits the road
Visa Inc. has launched a 20-city tour to educate small businesses and consumers about EMV chip card technology. The Small Business Chip Education Tour will commence at the Greater Austin Hispanic Chamber of Commerce Small Business and Entrepreneurial Showcase in Austin, Texas.
According to a press release, participants will have the opportunity to hear from payments industry experts and connect directly with merchants who have already migrated to chip technology. They will also have an opportunity to see demonstrations of how chip technology works to protect sensitive account information from risk of fraud.
While chip implementation in the U.S. is underway, a recent study conducted by the Aite Group found that one-third of small- and medium-size merchants are still unaware of chip technology.
“We know that time is a valuable resource to small business owners and we designed the Small Business Chip Education Tour to bring the most critical information on chip technology to merchants directly,” said Ramon Martin, head of global merchant sales and solutions at Visa Inc. "In cities across the country, we will set up educational sessions to explain how chip technology can protect consumers from fraud, and how businesses can offer it in their stores.”
Chip education and adoption is critical, because as of Oct. 1, liability for counterfeit fraud on Visa chip card accounts will shift from the chip card issuer to business owners who have not upgraded to chip-activated terminals. According to a report by Aite Group, counterfeit fraud in countries such as Australia, Canada and the U.K. decreased by 50 to 75 percent after merchants and financial institutions adopted chip technology.
In addition to in-market events, the Small Business Chip Education Tour will host webinars to be made available on the company’s dedicated chip website, www.Visachip.com. Visa has also recently launched an online toolkit to help businesses make the transition. The toolkit includes a step-by-step guide to adopting chip as well as videos, infographics, and other resources.