Visa Gives Gas Stations Three Extra Years to Install Chip-Card Equipment


Shutterstock photo

Visa Inc. said it is giving gasoline stations three extra years to install equipment that processes credit cards and debit cards embedded with a computer chip.

The card network cited multiple challenges that are facing the gas-station industry as it moves toward chip cards, including equipment shortages and difficulties associated with replacing older pumps.

Visa said gas stations will now face a deadline of Oct. 1, 2020 to start accepting chip cards or bear the costs of fraud that occurs when a chip card is used in non-chip equipment. The previous deadline had been Oct. 1, 2017.

Visa had already given gas stations two years longer than other merchants to install the new equipment. Other merchants had to install the new equipment by Oct. 1, 2015 or be responsible for the cost of fraud.

The chip cards make it more difficult for a criminal to create counterfeit cards.

Write to Robin Sidel at robin.sidel@wsj.com


  (END) Dow Jones Newswires
  12-01-160925ET
  Copyright (c) 2016 Dow Jones & Company, Inc.



This article appears in: News Headlines
Referenced Symbols: V


More from Dow Jones Business News

Subscribe






See headlines for V

Follow on: