According to the “EMV Chip Applications: A world of opportunities” report by consulting firm RBR, the US should migrate to full chip and PIN from the outset, rather than go for the partial solution of chip and signature, or an online-only infrastructure, advocated by some US stakeholders. The same source point out that full migration will enable the US, not just to reduce fraud, but also to build an infrastructure capable of supporting new and added-value applications in the future.
The study also reviews a series of technology trends including display cards which are an excellent example of how technological advances can extend the life of an existing infrastructure, in this case card payments, far longer than conventional wisdom would suggest.
Another trend identified by RBR is the rise of mobile payments. Despite the increasing importance of mobile phones for online banking, e-commerce, person-to-person payments and as portable EFTPOS terminals, their use as replacements for plastic cards for payments at the POS may not become widespread for many years to come. The report unveils that in the interim, global EMV chip infrastructure can be leveraged to turn the threat of the mobile phone into an opportunity for the existing card payments industry.
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