From the Visa media center:

Visa’s plan includes merchant incentives to upgrade to EMV chip-enabled terminals, requirements for acquirer processors to support chip acceptance and the introduction of U.S. liability shift policies.

Specifically, Visa will waive Payment Card Industry Data Security Standard (PCI DSS) compliance validation requirements to encourage merchant investment in contact and contactless chip payment terminals. Visa will also require acquirer processors to ensure that their systems support dynamic data acceptance (i.e., chip) and will institute a domestic and cross-border counterfeit liability shift.

This comes not long after Operation Night Clone, which pointed out ongoing weaknesses and loopholes of EMV. I also wrote about it earlier.

Update: Hat tip to Christofer Hoff for pointing to the InversePath presentation on EMV implementation flaws and recommendations.