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07 Aug Get Ready! Transition to EMV Cards No Longer Optional

Written by Published in Blog

In a series of periodic articles we are providing our merchants and partners with insights into EMV payment cards. We want to help you prepare with timely Payment Industry updates.

 

emv card 300wNot a new technology, EMV cards have been used in Europe for 20 years+ already. The U.S. is one of the largest developed nations that has not yet switched to EMV. EMV stands for Europay, MasterCard and Visa. It is a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals, and automated teller machines (ATMs), for authenticating credit and debit card transactions.

 

Though all new technology changes incur a significant cost to merchants, well-informed retailers recognize that EMV technology is here to stay, and will offer superior security over the magnetic strip variety of payment cards. Walmart has already installed EMV capable terminals, fully acknowledging that this is not a wait-and-see moment. 

 

"The payments business is rapidly evolving. Today's tech-savvy consumers are quickly adapting to their digital devices and turning them into a new generation of powerful payment vehicles. There is also great demand from issuers, acquirers, merchants and consumers for stronger safeguards to secure card transactions...

 

Security Considerations Appear to Dominate the Adoption of the EMV

 

...An upgrade to the EMV standard enables safer, smarter and more secure transactions across cards, contactless, mobile, and remote payment channels. It also enables us to offer consumers the next generation of digital payment innovations.", says MasterCard.

 

master-card-image-displaying-payment-optionsMasterCard and Visa feature useful timelines, both referred to as "Roadmaps", that reveal the steps toward full implementation of the EMV program. See MasterCard's timeline here. One can see that the credit card companies venture to make this transition as pain-free as possible with various incentives along the way.

 

TRI will help keep you informed.

 

 

Last modified on Tuesday, 23 December 2014 20:18
TRI Staff

TRI Staff contributors are located in Transaction Resources, Inc. offices around the United States. With lead writer, Isa Cann, staff work as a team to provide product and Payment Industry insights to current customers and others interested in Merchant payment processing related news and information.

Website: www.transactionresources.com