ETA CONNECTS: Petrol & Convenience On-Demand – Now Live!
Getting to the Finish Line for the EMV Conversion
While most U.S. merchants were required to upgrade their POS devices to support EMV by October 2015, the networks provided additional time for pay-at-the pump EMV deployment. Much remains to be done, however, to meet the new April 17, 2021, deadline. As of the fourth quarter of 2020, Visa reported that only 30% of transactions were coming from chip-enabled automated fuel dispensers (AFDs).
With the deadline for AFDs to be compliant with EMV protocols fast approaching, ETA has created an on-demand event to bring together a wide variety of industry experts to explain the opportunities to help gas stations and convenience stores meet this deadline. The EMV deployment will not only help keep fraud at bay, but will also move merchants toward payments solutions like loyalty, contactless, and mobile payments to meet consumers’ growing demands.
AFDs are a known target used by fraudsters to pay-at-the pump using stollen or fraudulent cards, and unattended terminals are prone to skimming devices. According to a recent study by Conexus, fraudulent payment transactions are increasing 23% year-over-year and exceeded $450 million at the end of 2020. In the session “The Changing Face of Petrol & C-Stores in an EMV World”, the importance of being compliant is perfectly stated by Christie Crush of Worldpay from FIS: “While none of us have a crystal ball, I would expect fraudsters to target sites without EMV capability.”
In the session “At the Crossroads: The EMV Payments Deadline & the Road Ahead,” James Hervey of Verifone stresses that payments innovation that is already in other verticals will start to come to petrol & convenience. The value-add component of digital wallets — the ability for loyalty, coupons, and discounts through tap — will be driven by consumer behavior, and merchants will look for ways to integrate those options to meet the behavior. Additionally, merchants can enhance their POS systems with new ways to pay directly at the pump through wallets like Venmo and Cash App directly. “Those who implement the ability to support those wallets, particularly among Gen Y and Gen Z, will see a first-mover advantage for merchants who let consumers spend with those apps at the pump and in their stores,” states Hervey.
ETA CONNECTS: Petrol & Convenience On-Demand is open until April 30 for attendees to hear insights from sponsors Discover, Paysafe’s Petroleum Card Services, Verifone, Worldpay from FIS, and SecureTrust. Log in today to explore the sessions.