Credit card fraud is on the rise. And major data breaches are becoming more common.
Against this backdrop, merchants across the country are rushing to make their payment environments more secure. And two of the most popular solutions include adding chip & PIN EMV or Apple Pay options:
In the fall of 2014, Apple Pay launched with much fanfare — almost eclipsing the simultaneous release of Apple's iPhone 6. More than 220,000 merchants had already signed on to the payment technology before it was released. And after the launch, Apple registered over 1 million new users in 72 hours.
But all hoopla aside, how secure is Apple Pay? Can this new payment technology help keep your customers' financial data safe from thieves and hackers?
EMV Chip & PIN credit cards are already the standard in most parts of the world. But these chip-enabled cards have only recently come to the U.S. And the adoption rate has been relatively slow.
Many American merchants delay updating their payment technology because they don't want to buy newer EMV-ready credit card readers. This is especially true of smaller merchants who have a hard time justifying the added expense.