September 6, 2016Blog Posts

After Striking VeriFone, the U.S. EMV Revenue Bug Hits Ingenico

Digital Transactions:

If misery loves company, then VeriFone Systems Inc. can make room for its arch-rival, France-based Ingenico Group. Ingenico reported Tuesday that a “sudden and significant” decline in U.S. EMV-related revenues, along with weak sales in Brazil, had forced it to lower its revenue and profit forecasts for 2016’s second half. In a conference call with analysts, Ingenico chairman and chief executive Philippe Lazare laid the blame for the U.S. shortfall on recent rules changes by Visa Inc. and MasterCard Inc. meant to clear a bottleneck of certifications for chip card-accepting equipment. The changes include some relief from EMV-related chargebacks until April of 2018, according to Nathalie Lomon, Ingenico’s executive vice president of finance and business performance.


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