The EMV Level 2 software module is available royalty-free to acquirers, merchants, and vendors, and is estimated to cut the time-to-market for EMV chip acceptance by up to 12 months. Visa Smart POS is an important and innovative component of the Visa Smart initiative, Visa?s comprehensive chip migration program. EMV chip migration is currently underway in 28 countries worldwide and nearly two million terminals will be capable of accepting EMV chip cards by the end of 2003. Small to medium-sized merchants in geographic markets that are committing to EMV chip migration face time-to-market, cost, and implementation challenges that are difficult to overcome using proprietary technology from multiple POS vendors. Visa Smart POS requires minimal changes to back office systems and is available for any POS device. Also, POS vendors can overcome the cost of EMV software development and compliance, and these savings can be passed on to merchants.
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