The US payments industry must improve communication to merchants and consumers on EMV’s benefits to avoid a drawn-out and expensive move to this new baseline for transaction and data security. The United States is the last developed payments market in the world to migrate to the EMV standard. Previous migration exercises across...
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Card fraud in the world reached $14 billion last year, according to The Nilson Report, with the U.S. payment card frauds accounting for more than 50% of that figure. One of the main reasons why the payment card frauds are so high in the U.S., is the lack of...
Read moreTODAY’S PAYMENT INDUSTRY LEADERS COULD BECOME TOMORROW’S LOSERS IF THEY FAIL TO COLLECTIVELY DRIVE EMV ADOPTION Dr John Clarke, Head of Product Innovation and Co-founder of Worldnet, believes that the US payments industry must orchestrate a concerted drive towards EMV adoption or risk being disintermediated by new, web-based payments solutions as the...
Read moreCEO of Worldnet, Will Byrne, speaks to Payments Source about the adoption of EMV in the US: Unless the U.S. card business is able to offer merchants scalable solutions that are cheaper and quicker to implement, there is a serious risk of full EMV migration taking several years to...
Read moreNEW REPORT CITES FRAUD AS KEY DRIVER FOR EMV IN THE US, SEES RISKS IN CURRENT APPROACH Report warns that US card industry will need to work together more closely for EMV to succeed in world’s largest payments market Card business could miss out on many potential benefits of EMV,...
Read moreThe adoption of the EMV standard in the US is making good progress with nearly one million retail locations now ready to accept chip-enabled payments, a figure growing at four to five percent a month. The question is whether this is sustainable in the world’s most complex payment marketplace,...
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