EMV in the USA: After 8 Years of Foot-Dragging and Delays, What’s the Real Timeline for Adoption Look Like?
FARMINGTON, Conn., Feb. 21, 2013 /PRNewswire-iReach/ — Since the initial introduction of the EMV standard in 1995, uptake of EMV “chip cards” has been slow but steady throughout much of the world. The one notable holdout has been the United States, where EMV adoption is still in its infancy, but that may be about to change.
Around the globe, banks and credit card issuers have used the increased security against fraud promised by EMV to force a “liability shift” onto merchants to drive them to accept the cards, requiring merchants to accept liability for any fraud perpetrated against cards that are not EMV capable. Europe saw this shift in 2005, and much of the Middle East and South America moved over between 2008 and 2010.
The US is officially scheduled to complete the transition in 2015, but experience in Europe and other regions suggests this is likely to slip. Market research from Global Information, Inc (GII) partner publishers can give merchants, banks, card issuers, vendors, regulators, and investors the crucial information they need to understand just how this shift is likely to happen, what growing pains to expect, and where new opportunities and new obstacles will present themselves as the US transitions to the EMV standard through the next 2 to 5 years.
U.S. EMV Timeline Beyond the Road Maps: How Long Will Conversion Really Take?
In the spring of 2011, Visa issued a road map for the U.S. adoption of a smartcard-based payments ecosystem. Since then, the other three major U.S. payments networks have followed suit. These road maps provide milestones for merchants, acquirers, and processors, along with dates on which these milestones are expected to be met. In theory, the road maps should serve as a reasonable expectation for when the U.S. will fully adopt EMV, but judging by past experience, that likely won’t be the case.
Mercator Advisory Group’s new research report, U.S. EMV Timeline Beyond the Road Maps: How Long Will Conversion Really Take? explores the motivation for the U.S. to adopt EMV at this time and clarifies the card networks’ road maps for U.S. EMV adoption. The report considers previous experiences (both with road maps other regions used for EMV adoption and road maps the U.S. used for other changes in its payment environment) to forecast a more realistic schedule for the U.S. conversion to EMV. Readers can find an abstract and table of contents at the link above, or can request free sample pages from the full report here.
The State of EMV Adoption: A Global Update
Payment networks decided long ago that EMV was the most effective security standard for reducing fraud, and the most progressive countries achieved universal EMV compliance as early as 2007. While numerous countries have since embraced the initiative, many have come up short of upgrading all of their cards and terminals.
Mercator’s January 2012 report, The State of EMV Adoption: A Global Update, provides a global overview for EMV migration that is still relevant today, examining markets that have room to grow, and identifying the catalysts that may increase demand in the coming years.
Debit Processing Solutions: 2012 Review
With so much focus on EMV, it is easy to overlook the fact that there are still many viable traditional and other innovative payment and processing solutions in the market. In this March 2012 report, Mercator Advisory Group examines the US market for debit processing solutions by reviewing trends and offering analysis based on interviews with the top 10 providers in the market.
The domestic debit processing solutions industry is composed of a surprisingly stable group of organizations. With all the new entrants in the “pay-now” market, this report pinpoints the real differences between a debit account and debit processing. The impact of regulatory changes, the economic recession, and rapidly expanding payment innovations has propelled these organizations into a faster product development cycle to better align with the dynamic needs of their retail financial services customers.
Readers can request free sample pages from the full report here.
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