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More pain at the pump, but this time for gas-station operators

from Bloomberg

Jared Scheeler faced a tough decision this year: Spend more than $100,000 to upgrade the payment systems at his gas pumps in North Dakota or be left without protection against counterfeit cards. By October 2017, Scheeler and every other gas-station operator in America must either accept the new chip-card technology called EMV — named after its backers Europay, Mastercard and Visa — or pay potentially half a billion dollars in collective "chargebacks" for any such fraud. more

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