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There are many reasons why EMV chip technology makes sense for the United States. These are some of the major factors:
Physical World FraudIt 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.
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.
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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North America set for
payment revolution
Visa’s backing of chip technology signals the beginning of a new era for US
banks and retailers
World leader in proven and
efficient cards for EMV deployment
Clarista
Proven and efficient payment cards.
Learn how
Contactless
Payment works
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