Last updated on June 13th, 2024 at 05:14 pm
With the payment card industry’s move to a “chip”-based payment card system beginning Oct. 1, “chips” take on a new meaning at many retail food stores.
Food Marketing Institute (FMI) President and CEO Leslie G. Sarasin has offered the following statement concerning migration to the “chip”-based payment card system.
“Food retailers have been looking for new ways to make retail data and shopper payment transactions safer and as efficient as possible. The industry has invested billions of dollars to purchase new payment terminals with a ‘chip’ reader and new software to process ‘dips’ of the card instead of the familiar swipe technology. Cardholders should ask their payment card companies for a PIN to make their transactions even more secure from fraudulent activity.
“While some food retailers will be ready to accept the new ‘chip’ cards through the holiday season, many more are preparing to transition after the first of the year. Importantly, consumers can use either traditional mag-stripe ‘swipe’ or new chip cards with the same liability protections.
“Since food retailers are customer-service-centric, they recognize it would be bad business sense to test such a customer-facing transition during a time of year when retail customers are counting on retailers for smooth in-store experiences. We remain committed to the strongest consumer protection tools available.”
