EMV Payments May Replace Magnetic Stripe Cards
The EMV payments standard used worldwide may be coming to the United States, according to a new white paper from The Members Group.
"Chip-and-PIN technology to support EMV [Europay-Mastercard-VISA standard] exists or is very near existence in nearly every developed country in the world. And that's creating problems for the U.S., which has remained steadfast in its continued use of magnetic-stripe cards," said the paper's author, TMG Vice President Aris Jerahian.
"There are indications from several ends of the payments industry spectrum that U.S. adoption is considered likely-if not inevitable," Jerahian writes.The reasons, he said, include "the U.S. as the path of least resistance for fraudsters," mag-stripe bridging technologies and the formation of an EMV forum by the Federal Reserve.