Payments Cards and Mobile discuss the newly released report on EMV in the US, published by Worldnet.
“It is no understatement to say that the journey to US EMV migration over the last decade has been bumpy, with several false dawns – yet a new report Driving EMV migration in the USA shares some very interesting insights into the current state of play.
The arrival of the shift in responsibility for revenue losses from chargebacks in October 2015 however marked the beginning of a long anticipated step change, with the majority of large retailers, issuers and acquirers enabling chip card payments at the check-out.
EMV technology has proven to be a powerful weapon in the war against fraud at the checkout, and in helping merchants protect margins already under pressure from online price competition. Wherever it has been implemented.
For the United States – the last big country to switch – it also offers much more than that. Chip card transactions have the potential to restore consumer trust in the payment process at the checkout while giving the incumbent payment industry a valuable opportunity to re-state its commitment to delivering a secure, innovative payment market, immune to external economic factors.
At the same time as installing the final piece of the ecosystem to build an integrated omnichannel retail marketplace that is not confined to national borders. Squaring the Circle: Driving EMV Adoption in the USA , reveals that while the approach to migration across the US during the first six months after the 2015 liability shift has been highly fragmented, the path to implementation should now be much smoother.
However, while survey respondents were universally in agreement that fraud reduction is the primary goal of EMV adoption, realizing an EMV dividend of higher transaction volumes against lower losses from fraud will depend on coherent, consistent collaboration between all corners of the payment industry square. It is this ‘last mile’ that will test the transformative capacity of the incumbent industry before the digital payment era fully takes shape.”
Read the full article here.