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Visa, Mastercard deny gas retailers' request to extend EMV compliance deadline

Visa Inc. and Mastercard Inc. have rejected a request by gas retailers in the U.S. to delay a deadline to upgrade their equipment to accept chip-enabled debit and credit cards, Bloomberg News reported.

Station operators that have not switched to chip-card readers by October will face liability for any card fraud that happens at their businesses.

Most U.S. retailers upgraded to chip-card readers in 2015. The deadline for fuel retailers was extended by five years since the industry faced costs of more than $3.9 billion to do the work, according to the report.