QUICK LINKS: Vending Videos  |  Micromarkets  |

VT Classifieds


Buy a Classified Ad


Editorial Calendars


Circulation Data






Operators Date Book


Bookmark this site

Issue Date: Vol. 52, No. 8, August 2012, Posted On: 8/7/2012

EMV Migration Forum Supports U.S. Move To Chip-Based Payments

Emily Jed
TAGS: vending, retail, cashless vending, secure electronic payments, EMV Migration Forum, Smart Card Alliance, Europay, MasterCard, Visa, magnetic stripe technology, EMV technology, Randy Vanderhoof

PRINCETON JUNCTION, NJ -- The Smart Card Alliance has formed an independent, cross-industry organization to lay the groundwork for the U.S. to move from magnetic stripe technology to the more secure EMV technology now in widespread use in other countries.

The EMV Migration Forum will bring together representatives from financial card issuers, payments processors, merchants, acquirers, payment networks, industry suppliers and other constituent groups. It will provide guidance on technical issues and develop and distribute best practices to promote consumer awareness and adoption of EMV cards. It will also help coordinate the necessary changes to the payments infrastructure to support EMV.

The forum will be a part of the Smart Card Alliance, a nonprofit association focused on card technology, but will have a separate membership.

EMV is a technical specification, developed by Europay, MasterCard and Visa, that outlines the interaction between smart cards and terminals to ensure worldwide interoperability. EMV card technology has been adopted throughout the world largely due to its increased security. By replacing the traditional magnetic stripe still widely used in the U.S. with chip technology, EMV cards cut down on vulnerabilities that lead to card fraud including counterfeits and lost or stolen cards

EMV technology also enables global use of the card, supporting not only contact and contactless methods of payment but also mobile and remote payment methods.

Still, some payments stakeholders have been reluctant to make the costly infrastructure changes necessary to enable EMV cards in the U.S. But American Express, Discover, MasterCard and Visa have all committed to adopting EMV in the next few years, prompting processors and merchants to ready themselves for the move.

"By creating an organization that brings together all of the payments stakeholders who have a direct role in the EMV migration in the U.S., without regard to their past or present involvement with smart cards or other chip technologies, the EMV Migration Forum will be able to focus on the needed coordination and cooperation across the payments landscape," said Smart Card Alliance executive director Randy Vanderhoof.

The first meeting of the newly formed EMV Migration Forum will take place Sept. 12–13 at MasterCard Worldwide headquarters in Purchase, NY.

Topic: Vending Features

  • HotShot Plans To Bring Japan's RTD Hot Coffee Craze To U.S.
  • Brightbox Offers Self-Serve Cellphone Charging Kiosks To Operators
  • NCVA Plans Annual Membership Meet For May 15-16 In Greensboro
  • BMO Harris Bank Adopts 'Cardless Cash' Technology
  • KAMC And OAMA Set 2015 Vending Meet At Cumberland Lake Park On June 26-27

Copyright © 2015 Vending Times Inc. All rights reserved. 
P: (516) 442-1850 | F: (516) 442-1849 | subscriptions@vendingtimes.net
55 Maple Ave. - Ste. 304, Rockville Centre, NY 11570