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Payments summit discusses future of payments

February 16, 2012

Discussion at the Smart Card Alliance 2012 Payments Summit centered around the future deployment of EMV chip technology and mobile payments.

Discussion at the Smart Card Alliance 2012 Payments Summit centered around the future deployment of EMV chip technology and mobile payments. The conference, which took place last week in Salt Lake City, Utah, drew more than 500 industry professionals.

Individual sessions addressed concerns and questions about how the emerging merchant services will be implemented. The three most important discussions centered around EMV technology deployment, mobile payments and near field communications (NFC) security and plans for using new payment processing technology in transit systems.

Proponents of EMV technology praised its flexible verification methods. Cardholders can use offline or online PIN, signature or no verification method at all, depending on the purchase. Since EMV chip cards do not have magnetic stripes, they are expected to deter current credit card fraud schemes. Patrick Gauthier, the head of PayPal‚Äôs product strategy and business operations, said that NFC and mobile payments should be designed with consumers and retailers in mind because those are the players that will drive the technology’s use, according to Smart Card Alliance.

Additionally, transit agencies came together to discuss plans for mobile credit card processing in new fare systems. Both the Chicago and New York transit systems said that they were ready for full implementation of the open payment service, which would allow riders to purchase fares and manage accounts anywhere, anytime, reports the source.

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