Certain Credit Union Members Are Prime Targets for EMV Cards
Card security technology in the U.S. is like a spinning roulette wheel. No one knows exactly where the ball will land.
Visa recently published plans to encourage U.S. retailers to shift to terminals that support new forms of payment including EMV or Europay-MasterCard-Visa-integrated circuit cards. These terminals, which are widely used in Europe, Asia and other regions, allow consumers to make payments using credit, debit and prepaid cards. The Visa plan also calls for the new terminals to support payments made via mobile phones.
Key Drivers for Conversion.
A key driver of card payment conversion in the U.S. is the need for consensus on a card security technology. For example, while some fast food and convenience store chains have embraced contactless cards, it remains a very small share of the market. Converting to EMV terminals is going to require a major investment by merchants and justifying that expense requires a standardized, scalable technology. The acceptance environment is looking for a stable, long term solution that will not require re-investment due to additional changes in requirements.