EMV® + NFC = Big Plus for Your Business


If you’re a business owner who’s still on the fence about upgrading your payment processing equipment to accept EMV cards, consider this: Not only will the update help prevent potential financial responsibility for fraudulent transactions, but you can also realize the added benefit of being able to process NFC transactions at the same time.

First, a quick review: Microchip-based EMV technology is relatively new to the United States but already in wide use around the world. According to the Smart Card Alliance — a not-for-profit, multi-industry association — 80 countries globally are in various stages of EMV chip migration, including Canada and now the U.S. EMV cards (also known as chip cards and smartcards) feature embedded microprocessors that provide stronger transaction security features and other capabilities that are not available from traditional magnetic stripe cards.

NFC (near field communication) is short-range wireless technology that allows app-equipped smartphones and other mobile devices to communicate with enabled terminals when they’re in close proximity. This so-called “tap-and-go” technology is already being used for mobile contactless payments at traditional retail points of sale as well as non-traditional locations like vending machines.

Now here’s the best part, from a business owner’s perspective: Many EMV terminals are also NFC capable, providing a two-for-one upgrade opportunity. For example, the Ingenico® iCT220 CTL countertop terminal and VeriFone VX 680 wireless terminal available from TransFirst® are both EMV and NFC capable. This kind of versatility makes it possible for you to keep your customers satisfied by meeting their expectations to pay with either their chip card or their smartphone.

As a recent article points out, updating your POS system to support both EMV and NFC technology is just good business sense for three important reasons:

1. Added security. EMV chip cards generate a unique transaction code for each individual transaction, making them much more secure than mag stripe cards. NFC-enabled digital wallets offer extra protection against fraud with built-in protections like a passcode or biometric that’s required to gain access to the application as well as encryption of credit card and banking data to help keep them safe from hackers.

2. Economic sense. Updating your POS system to be both EMV and NFC compatible helps protect your business from becoming a victim of credit card fraud. As of October 1, 2015, the liability for a fraudulent transaction shifts to the party to the transaction that is not EMV capable — don’t let that be you!

3. Staying current. Banks are issuing chip cards to consumers to replace the mag stripe cards in their wallets, and will continue to do so until the transition is complete. And, with smartphone penetration in the U.S. predicted to reach 63 percent by 2017, there’s a good chance that many of those users will migrate to digital wallets. No merchant wants to turn away a sale because they can’t accommodate the customer’s payment preference.

Ready to place your business on the fast track to accept EMV and NFC transactions? Contact a TransFirst representative today to learn about all your options.


Trademarks are the property of their registered owners and are not necessarily affiliated with TransFirst. EMV is a registered trademark or trademark of EMVCo LLC in the United States and other countries.  Ingenico iCT220 CTL is a trademark of Ingenico Inc. and is used with the permission of Ingenico Inc.


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