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Small Business Saturday: Bayside Marketplace Kicks Off E-Chip Miami Readiness

FOR IMMEDIATE RELEASE
Contact: Gwyn Lloyd-Hughes 305-577-3344 Gwyn.lloyd-hughes@ggp.com
Bayside Marketplace Kicks Off E-Chip Miami Readiness

A payment paradigm shift is underway and Miami business owners do not want to be left behind. In October 2015, the much-discussed Payment Networks’ Liability Shift Associated with EuroPay, Mastercard and Visa (EMV) is due to take effect in the United States. The main force behind the EMV migration is card-related financial fraud. Despite the best efforts of global law enforcement agencies, global losses have climbed steadily, increasing pressure to find a global solution. On October 2015, merchants who are not ready to accept chip cards will lose their charge back rights.

E-Chip Miami and the United States Secret Service has launched the first EMV Readiness Committee in the United States which is comprised of selected EMV (Chip) Subject Matter Experts from the Payments Networks (Visa, MasterCard, AmericanExpress, Discover) and the private sector making this group the first of its kind, “Excellence Team” to ensure the EMV migration in Miami has the years of experience from the various regions around the world that have already migrated to EMV (Chip) technology.

The City of Miami is leading the way to E-Chip compliance across the United States. City of Miami Mayor Tomas Regalado and E-Chip Miami identified Bayside Marketplace as the kick off location for the integration of E-Chip Miami Readiness. “Miami is leading the industry on how consumers pay for products” says Mayor Regalado. Small Business Saturday will mark the official launch of the E-Chip Miami Readiness Program at Bayside. Senior General Manager, Pamela Weller adds, “With 80 merchants at Bayside now able to accept and process chip enabled cards, we feel that we are well on our way to protecting both our customers and our tenants.”
Chip-enabled cards or “smart cards” look just like a regular credit card but have a microchip embedded inside. The microchips inside these cards communicate with EMV-enabled point-of-purchase devices to verify the card is valid. The chips encode the cardholder’s data in a more secure way than the traditional magnetic stripes; because chip cards have the ability to change their coding on a rotating basis, they are much more difficult to copy for fraudulent use.

Annual costs of card fraud in the U.S. alone are estimated at $8.6 billion per year. Experts believe that figure will rise to $10 billion or higher by 2015, especially if the U.S. does not make significant progress with chip card adoption.

Bayside Marketplace is located in the heart of downtown Miami and is one of the largest outdoor waterfront dining, shopping and entertainment destinations in the U.S. Bayside features more than 150 shops including unique and national retailers such as GUESS, GAP, Victoria’s Secret and Brookstone as well as 12 delicious restaurants such as Bubba Gump Shrimp Co., Hard Rock Café and an international food court. As the name suggests, the center is situated on Biscayne Bay, making it easy for visitors to hop on an open-air Bay cruise for a tour of celebrity homes or to try their luck on a gaming cruise. With its close proximity to the Port of Miami, it’s a frequent stop for many area cruises. Cruisers and land travelers alike can enjoy lively outdoor performances from Miami’s best local musicians each day or watch local artists create paintings, sculptures, jewelry and more at Bayside’s Artist’s Square on the weekends. Bayside Marketplace is recognized nationally as a must-see destination and is the No. 1 most visited tourist attraction in the City of Miami, with Miami an impressive No. 6 ranking statewide.

Bayside Marketplace, 401 Biscayne Boulevard, Miami FL 33132 305-577-3344 / www.baysidemarketplace.com

 

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