Visa announced that it will extend the October 1, 2020 deadline for EMV upgrades to April 17, 2021. PMAA, NACS, SIGMA, NATSO and the Merchant Advisory Group requested the deadline extension in a March 23rd letter to Visa because the coronavirus lockdown and social distancing requirements made it impossible in many cases for EMV vendors to install new equipment and software at retail locations.
The deadline extension is good news for petroleum marketers because it ensures that enough EMV vendors will be available to convert retail sites in a timely manner by the new April deadline. Any significant back log or delay in EMV scheduling due to the coronavirus pandemic would likely push installation past the original October deadline subjecting marketers with point of sale magnetic credit card readers to assume the liability for fraudulent card charges. MPMA will continue to monitor the EMV transition process to ensure petroleum marketers will have sufficient time for conversion without risk of exposure to liability.