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Publish Date : 06-Oct-2012

The global payment industry is facing a revolution, as mobility becomes a standard and consumers are looking for payment solutions available \"anywhere\" at \"anytime\". With the worldwide EMV® standard implemented in most countries, the global interoperability of card payments has become less of a concern. The United States (U.S), however, is still in the preparation stage for EMV migration. While the U.S. can learn from different markets that have already deployed the technology, stakeholders can also benefit financially by making a single investment that would result in the delivery of a combined EMV and near field communication (NFC) payment environment.

Frost & Sullivan recent white paper entitled \"Managing the Migration to EMV and NFC Payment Technology - How to ensure the successful and efficient market deployment of a product\", provides United States (U.S.) payment card issuers and acquirers with an insight into the EMV standards landscape. The document, which follows announcements from U.S. payment systems in 2011 regarding their commitment to accelerate EMV adoption, also explains how this infrastructure can support next generation payment solutions such as NFC.

\"The EMV secure-chip standard forms the basis for the payment infrastructure across Europe, Canada, and many countries within the Asia-Pacific region,\" says Frost & Sullivan Global Program Manager Smart Cards, Mr. Jean-Noel Georges. \"In countries where EMV is still in its infancy, like the U.S., financial institutions can benefit from the adherence to EMV as a means to ensure a globally interoperable payment solution.

\"To start deploying EMV-compliant and NFC-enabled products however, card issuers should have a strategy in place,\" recommends Mr. Georges. \"EMV migration needs to be fully prepared, planned and defined. There is no doubt that the great impact during EMV migration is on the issuer who has to modify the back office system, the authorization system as well as the customer service.\"

Pascal Le Ray, General Manager of FIME - a global leader in consulting and market integration testing services for smart devices and secure chip applications and contributor to the paper, adds: \"It is without doubt an exciting and progressive time for the U.S. payments industry. We believe this document is a must-read and will serve as a valuable reference source to U.S. issuers and acquirers who are about to embark on an EMV implementation project. The ability to efficiently and securely adapt today and in the future will be key to gaining market share and consumer confidence.\"

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