Visa has updated the Transaction Acceptance Device Guide (TADG) and Visa Smart Debit/Credit and Visa payWave U.S. Acquirer Implementation Guide (AIG). Updated documents provided below. More information can also be found in the Visa Business News article issued on 11/22/2016, which references both a rule change (22.214.171.124: Selection of Payment System) and a prior Visa Business News article. All documents may be accessed at the links below:
Every time a chip credit or debit card is used in-store at a chip-activated terminal, a unique one-time code is generated thats used to approve the transaction—providing an additional layer of security. Quick Chip for EMV®¹ streamlines checkout to make secure chip card transactions faster and even more convenient. So you can have the confidence to pay and be paid everywhere.
Chip cards generate a unique one-time code every time theyre used in-store at a chip-activated terminal. This feature is virtually impossible to duplicate in counterfeit cards, helping to reduce in-store fraud.
All Visa transactions chip and non-chip -- will continue to be protected through Visas Zero Liability Policy, just as they are today.
Visa chip technology paves the way for innovations like mobile commerce, helping to ensure that wherever and however you want to pay in the future is secure and convenient.
¹ EMV is a registered trademark or trademark of EMVCo LLC in the U.S. and other countries.