South Korean retailers are finalising preparations for a shift to chip cards only, once a three-year implementation period finally comes to an end in July.
The migration to EMV-compliant cards was originally mandated by the South Korean government in 2014 under the Specialised Credit Finance Business Regulations to address concerns over the security of magnetic stripe technology and its links to rising fraud levels.
A new provision was added a year later requiring merchants to upgrade point of sale devices and card acceptance terminals to those that had been certified by South Korea’s Financial Services Commission (FSC).
But retailers were allowed an unusually long period of three years to implement the changes.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.