It is widely known that the USA, a global super power in so many ways, has lacked for years (and I mean decades) a certain urgency surrounding the innovation of technology on its credit and debit cards.
The mag strip was a cutting edge innovation, a global standard in payments technology. Alas it has had its day. Rather disturbingly that day coincided with when Michael Douglas starred in the famous film Wall Street, the first time round, when Charlie Sheen was fresh faced and Shia Le Boef was but a twinkle in his daddy’s eye.
EMV Chip and PIN are today the accepted standard across all of Europe, Canada and beyond, but not the USA.
This technology is not without its flaws but after 20 years all technology needs to be updated. The infrastructure surrounding it though is the basis of the technological future in payments, especially NFC’s, e-wallets. Why? Because EMV Chip and PIN is still strong and an excellent basis for innovation.
It would appear that it is for this reason that Visa is pushing in the USA for merchants to adopt EMV by 2015 and for petroleum forecourts by 2017.
There are however two key issues in this drive being universally adopted;
I believe that these issues are rendered moot by the cold hard fact that the future is in technologies such as NFC’s, contactless payments and e-wallets, technologies based on EMV infrastructure.
The bottom line for this blogger is that mag strip technology is outdated and offers insufficient fraud protection, and is not an efficient method of payment any longer. The USA need to take the plunge, adopt Chip and PIN and get ready for the payments future, the time is now.
It is widely known that the USA, a global super power in so many ways, has lacked for years (and I mean decades) a certain urgency surrounding the innovation of technology on its credit and debit cards.
The mag strip was a cutting edge innovation, a global standard in payments technology. Alas it has had its day. Rather disturbingly that day coincided with when Michael Douglas starred in the famous film Wall Street, the first time round, when Charlie Sheen was fresh faced and Shia Le Boef was but a twinkle in his daddy’s eye.
EMV Chip and PIN are today the accepted standard across all of Europe, Canada and beyond, but not the USA.
This technology is not without its flaws but after 20 years all technology needs to be updated. The infrastructure surrounding it though is the basis of the technological future in payments, especially NFC’s, e-wallets. Why? Because EMV Chip and PIN is still strong and an excellent basis for innovation.
It would appear that it is for this reason that Visa is pushing in the USA for merchants to adopt EMV by 2015 and for petroleum forecourts by 2017.
There are however two key issues in this drive being universally adopted;
I believe that these issues are rendered moot by the cold hard fact that the future is in technologies such as NFC’s, contactless payments and e-wallets, technologies based on EMV infrastructure.
The bottom line for this blogger is that mag strip technology is outdated and offers insufficient fraud protection, and is not an efficient method of payment any longer. The USA need to take the plunge, adopt Chip and PIN and get ready for the payments future, the time is now.
It is widely known that the USA, a global super power in so many ways, has lacked for years (and I mean decades) a certain urgency surrounding the innovation of technology on its credit and debit cards.
The mag strip was a cutting edge innovation, a global standard in payments technology. Alas it has had its day. Rather disturbingly that day coincided with when Michael Douglas starred in the famous film Wall Street, the first time round, when Charlie Sheen was fresh faced and Shia Le Boef was but a twinkle in his daddy’s eye.
EMV Chip and PIN are today the accepted standard across all of Europe, Canada and beyond, but not the USA.
This technology is not without its flaws but after 20 years all technology needs to be updated. The infrastructure surrounding it though is the basis of the technological future in payments, especially NFC’s, e-wallets. Why? Because EMV Chip and PIN is still strong and an excellent basis for innovation.
It would appear that it is for this reason that Visa is pushing in the USA for merchants to adopt EMV by 2015 and for petroleum forecourts by 2017.
There are however two key issues in this drive being universally adopted;
I believe that these issues are rendered moot by the cold hard fact that the future is in technologies such as NFC’s, contactless payments and e-wallets, technologies based on EMV infrastructure.
The bottom line for this blogger is that mag strip technology is outdated and offers insufficient fraud protection, and is not an efficient method of payment any longer. The USA need to take the plunge, adopt Chip and PIN and get ready for the payments future, the time is now.