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EMV in the U.S.: Putting It into Perspective for Merchants and Financial Institutions

For almost two decades, interest in a chip-based payment standard such as EMV barely reached a simmer in the United States. Recently some of the card brands signaled their intentions to support EMV-enabled payments in the U.S. and now the country's collective interest is heating up. Merchants, financial institutions, and every other organization with a stake in the electronic payments process want to understand the impacts of such a standard. In the absence of a government mandate and strict guidelines on how to adopt the smart chip standard, our industry has the opportunity to formulate our own plans and timeframes, albeit with a global backdrop. Clearly there is a need to reduce card fraud and increase security in the U.S. market. Now is the time for thoughtful consideration of the issues and meaningful discussion among all stakeholders to ensure we develop a chip-based infrastructure that works for all. This paper puts the issue of EMV in the United States into perspective for merchants and FIs.