North America set for payment revolution Why EMV and Why Now? There are many reasons why EMV chip technology makes sense for the United States. It 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 North North America set for payment revolutionprimary target of fraudsters and fraud rates will continue to rise. The move to EMV would, in theory, prevent this from happening.
Posted on: Wed, 14 Aug 2013 21:29:44 +0000