Visa is introducing updates this year to keep up with changing consumer behavior after the COVID-19 pandemic. The pandemic saw many consumers adopt digital wallets and contactless payment methods to make purchases at businesses across the country. As alternative payment methods remain popular among consumers, Visa is updating their programs and rates for card not present Visa EMV token transactions.
Changes from Visa in 2022 will incentivize merchants to accept digital wallet payments. Digital wallets have a higher acceptance rate than ever before and come with lower fraud rates. Merchants can provide customers with additional payment options and added convenience by accepting digital wallet or touchless payments. Not accepting these forms of payments can result in potential revenue losses.
How can pharmacies prepare for EMV changes in 2022?
For independent pharmacies, accepting digital wallet payments can provide additional opportunities for revenue. Contactless payments keep employees and customers safe while digital wallets offer convenient payment methods for consumers. It is important for pharmacies to stay up to date with these changes and prepare to accept digital wallet payments in 2022.
To prepare for EMV changes in 2022, pharmacies should consult their POS software provider. POS providers should be keeping up with these changes and making the necessary adjustments in their software to meet Visa’s new standards. In some cases, a hardware or software upgrade may be needed to accommodate new standards from Visa and accept digital wallets.
TDS is aware of the upcoming Visa changes for 2022 and developing software updates to meet Visa’s new standards. TDS clients can expect ongoing communication providing updates on software and hardware requirements to accommodate these changes in their POS system.