EMV chips are a looming reality for bankers, merchants and consumers in the U.S., but most are still uncertain about what standards to expect.
So far, there is not a standard model for processing contactless payment technology, such as near field communications (NFC) or EMV-chip cards. Since merchants are still not sure what to expect, they are juggling multiple strategies that require different technology and equipment, which is slowing down conversion, according to Retail Customer Experience.
“We look at the swirl of things going in payments, such as RFID, ISIS, Google Wallet, Visa Wallet, etc.,” David Porter, a general manager for JPMorgan Chase, told the source. “We have to be sure to be prepared in the back office and make sure our systems can process mag stripe, EMV or contactless payments.”
While most of the world has already adopted EMV payment technology as a more secure payment method, the U.S. has lagged behind, according to a study by Auriemma Consulting Group. The company conducted an informal survey of the American payments industry and found that the emergence of NFC and other mobile credit card processing systems has left merchants uncertain about which credit card terminal they should invest in. Fortunately, many in the industry believe that contactless point-of-sale equipment can accept both payment innovations.Back To Blog