With the EMV now being accepted globally, businesses are trying their level best to get EMV compliant. While some of them are still struggling to meet the proposed deadline of MasterCard & Visa, most of them are trying their level best to be prepared for this paradigm shift.
Let us look at some of the key points about EMV which will be driving the market in days to come.
Since EMV timelines are set to affect POS devices, Larger retail chains have started their preparations by setting EMV compliant card terminals. They are also trying to win over some customer loyalty by using the advanced features of the brand new system. These machines accept the contemporary methods of payment but are ready for the futuristic modes like mobile wallet, chip cards etc. as well.
The ATM manufacturers had seen it coming! That is why EMV compliant ATMs can be seen being shipped in abundant numbers to meet the demand. The technology has been found to be quite reliable and is expected to cut down the ATM frauds significantly.
The process of EMV migration has initialized the United States. Financial Institutions are working keenly to meet the proposed timeline of EMV implementation. The process of distributing EMV cards to the customers will also begin in days to come. But cards are expensive to make and Financial Institutions will have to keep track of their budget and immediate needs to ensure that EMV introduction does not prove to be fatal for their business.
Cardholders will witness the evolution of bankcard in coming years. People who do frequent international traveling will be the first ones to enjoy the privileges. The presence of a chip and magnetic stripe both on the card will allow gradual migration. It must be ensured that the staff and personnel should be trained properly so that they can assist the customers on using EMV cards.
The main motive behind the introduction of EMV is to put an end to ‘card fraud.’ Most of the industry associations are forming associations to make sure that their voices are heard at the highest levels. End to credit fraud can not be achieved if the cost incurred in implementing EMV exceeds the profit. So EMV needs to be implemented in such a way that is a profitable venture for all the associations.
When all the ATMs will start to comply by the EMV regulations, service personals will have to ensure that the ATMs are duly and regularly updated; in terms of both- hardware & software. Service companies and manufactures have started their preparations by conducting training programs to meet the demand in days to come.