Future of EMV
EMV has been a hot topic in the payment card industry for the last few years. In preparation for our next Street Talk topic, our Executive Sales Team shared their thoughts regarding the future of EMV.
EMV ideally will allow seamless processing of transactions and it will be compatible on all payment devices. At this moment, we are unaware of all the pitfalls, errors, and headaches we may encounter. To get to that point, processors, merchants, and anyone associated with the payment industry will absolutely experience sleepless nights, unhappy clients, as we cannot expect technology to work perfectly. Over time and through experiences we will prepare, learn and grow with EMV.Brett Sturm
When EMV first came out and we learned pin numbers on credit cards was the future, my thought was “no way!” American consumers and merchants are way too stubborn to adopt such a drastic change in behavior. Now we’re 2+ years in, and although there were whispers early on of resistance, my feeling now is without a doubt chip and pin is definitely the future. It’s going to suit everyone here and now to accept that fact and hopefully the technology catches up quickly.Jeff Burke
As we move farther down the road from the EMV liability shift date, we still have two industry subsets that seem to be lagging with the transition. One is pay at the pump gas stations and the other is restaurants where customers pay while sitting at the table. What we have learned about this process is that the lack of forward momentum specifically in the restaurant industry. One of those factors being the overall cost of upgrading equipment. I firmly believe that although initially slow, the transition will begin finding some rapid forward momentum over the next 12 months.Kevin Canada