Moving From Mag-Stripe to EMV
Will smart cards be the standard for U.S. plastic payments within the next five years? If the wishes of the major card companies come true, that will be the case. Visa, MasterCard, Discover, and American Express all have recommended timelines to help make this the standard by 2017.
A new white paper from the CUNA Operations Sales & Service (OpSS) Council titled, “The Smart Card Timeline: Moving From Mag-Stripe to EMV Technology,” explores the merits and complications of switching from magnetic-stripe to smart card technology.
This white paper discusses the factors converging to make the migration to smart cards more likely and palatable to the U.S market—including global acceptance, mag-stripe obsolescence, soaring counterfeiting and fraud trends, and the increasing popularity of mobile transactions.
Still, the shift to smart cards will require cooperation and major investments on the part of all players—consumers, retailers, card issuers, processors, and equipment vendors, alike.
CUNA Council members are eligible to receive complimentary copies of this, and over 300 other white papers; non-Council members may purchase white papers for $50 per copy.