Payment processors like Visa, Mastercard, and PayPal have issued a notice regarding the recently ended Magento 1 life support by Magento and its implications on the platform. Adobe also has notified its Magento 1 merchants that after June 30th, it won’t respond to any query or provide any security or quality patch. Merchants who still want to stay with the EOL platform, then they have to resolve any issues or bugs arising after the EOL date of Magento 1.
Payment processors like Visa and Mastercard briefly explained the implication and what will happen to their Magento store after Magento 1 EOL. They mainly stressed on the point that the Magento 1 stores may lose PCI compliance, due to which they may not be able to take and process payment. Even the processors like PayPal requires you to be compliant with the PCI DSS guidelines.
Not complying with PCI DSS would attract heavy fines from the PCI council ranging from $5,000 to $10,000 per month. Not only that, but there will be constant attacks from hackers to hack and steal customers' payment data. Read this article to find out the only way to avoid all that from happening.
For more details visit -: https://www.mconnectmedia.com/blog/visa-mastercard-adobe-urges-merchants-migrate-to-magento2/