NEW YORK - MasterCard??s new EMV roadmap, which includes the path for migration from magnetic stripe to EMV technology currently available on chip cards, will serve as the foundation for future products and services developed to enhance the way consumers pay for goods and services, according to a press release.
As payments continue to evolve to include new devices and new channels, such as mobile and eCommerce, the roadmap attempts to address how consumers really shop, providing them more security and control in their payment choices and the potential to seamlessly integrate loyalty programs and offers into the purchasing experience, according to MasterCard.
"We're moving toward a world beyond plastic, where consumers will shop and pay in a way that best fits their needs and lifestyles with a simple tap, click or touch in-store, online or on a mobile device," said Chris McWilton, MasterCard??s president of U.S. markets. "Our roadmap represents a transformational shift in the approach to payments and is not simply about EMV, chip and PIN. We're focused on readying the ecosystem to drive future innovation and provide new consumer experiences to enhance the value of electronic payments."
Elements of the MasterCard roadmap include:
- EMV: Solidifying EMV as the foundation of the next generation of payments
- Immediate focus on acquirer infrastructure ?" working with acquirers to ensure infrastructure readiness by April 2013
- Encouraging greater security and cardholder verification: Providing consumers with greater control and to reduce fraudulent transactions
- Provide benefits for merchant terminalization: Providing true financial benefits for merchants as they implement EMV-compatible terminals
- Cover all channels: Addressing all touch points where consumers will interact with MasterCard, including ATMs, the physical point-of-sale, online and mobile commerce
- Commitment to leadership and collaboration: Fostering industry collaboration to deliver the next generation of payments into the U.S. marketplace
At the heart of EMV authentication, each transaction incorporates unique information, that is intended to make it "virtually impossible to replicate and reducing the risk of fraudulent transactions," according to MasterCard.
MasterCard has indicated it will support current industry timelines in an effort to minimize disruption and to maximize investments across the payments ecosystem.
MasterCard will provide additional detail on the roadmap and implementation activities in the coming weeks and months. In the meantime, initial resources can be obtained at MasterCard??s website.
In the meantime, everything you need to know about the future of payments and EMV will be discussed in depth at NACStech educational sessions.
NACStech takes place this year May 21 to 23 at the Gaylord Opryland Resort in Nashville, Tenn. It is the only industry-specific event where top retail and supplier IT professionals gather to discuss ways to improve operational efficiencies through technology innovation. Register now for NACStech.