Why EMV and Why Now? Prevent fraud, ease travels abroad and speed up mobile and contactless payments

There are many reasons why EMV chip technology makes sense for the United States. These are some of the major factors:

Physical World Fraud

It is the consensus amongst observers – although there are no published fraud numbers in the U.S. like there are in other domestic markets – that physical world fraud in the U.S. is already above the global average and still on the rise. Furthermore, the lessons learned from the many migration activities worldwide clearly indicate that fraud migrates towards those regions which have not yet migrated to EMV chip technology (Malaysia to Thailand, UK to mainland Europe, etc.). Since the rest of the world has either already migrated to EMV or has firm plans to do so, if the United States did not move to EMV, it could become the primary target of fraudsters and fraud rates will continue to rise. The move to EMV would, in theory, prevent this from happening.

Cardholder Inconvenience Abroad

With market penetration of EMV technology deployment growing around the world, in particular the nearly 100% coverage in the Single Euro Payment Area (SEPA) and soon to be in Canada, the magnetic stripe technology becomes more and more archaic. Tens of millions of U.S. cardholders have been inconvenienced abroad over the last few years by attendants at POS refusing to take their cards and even more by not being served at unattended terminals.

Mobile and Contactless

Implementing EMV chip technology in the United States will speed up mobile and contactless payments and make them more secure. The devices that accept EMV chip cards are dual contact/contactless devices. By installing these devices to accept EMV, merchants are also readying themselves to accept mobile and contactless payments as well.


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