The truths and myths of EMV

As with any technology shift, there are varying opinions about the migration to EMV in the U.S. Is it truly taking hold? Lets talk about it like it is already here. Why should merchants even bother undergoing the terminal upgrade process when mobile payments are evidently on the rise? In a recent report, Gemalto examines the circulating “myths” about EMV and highlights specific facts that may point in the other way. Find out their views on several buzzing EMV opinions and take a stance.

Is EMV Taking Hold in the US?

USA Today reported that 90 percent of U.S. cards will have an EMV chip by 2016, but the process in getting EMV “ubiquity” might take a lot longer than we expect – maybe even ten years, according to MPD CEO Karen Webster. Until every one of the thousands of issuers in the U.S. issues every card with EMV capabilities, she said, it’s mag stripes and EMV at the point of sale.

But according to a recent Gemalto report, “Four Myths and Truths About EMV Payments,” Visa has already issued more than 3.5 million cards in the US. In addition, major banks like Bank of America and U.S. Bank have begun issuing EMV cards, and retailers such as Walmart and McDonald’s are upgrading their POS systems to accept EMV payments. The U.S. payment infrastructure is therefore well on its way in readying itself for EMV by 2016, and the momentum is growing.

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