As point of sale credit card processing experiences an EMV transformation, other industries potentially stand to benefit. The Smart Card Alliance published a white paper this February about the possible ways that credit card technology will improve healthcare payments.
According to this report, the hundreds of millions of American chip cards introduced last year signal a growing embrace of this method, which represents a worldwide standard, not just a local solution. Healthcare could theoretically turn to this mode for identity authentication. To do this, the industry has to consider multiple mitigating factors, including the cost for transitioning to this system and the way mobile applications could be accommodated.
The report also lists four possible "scenarios" for POS utilization. A POS terminal running multiple applications could theoretically interact with either one or two cards that use chips, or a chip card that utilizes its own payment application support. A final option would focus on mobile transactions, which could an application or card-based credential.
In a press release outlining these point, the Alliance's executive director, Randy Vanderhoof, explained the relationship between newer card technology and possible benefits for this industry. As he stated, the white paper explains how "adopting EMV payment acceptance systems and smart card technology-based identity authentication solutions can allow healthcare organizations to increase security, decrease payment vulnerability, reduce fraud and improve workflow." Vanderhoof also referenced the ongoing drive "to increase security and reduce fraud" within healthcare.
The credit card processing program merchants decide on may play into the larger picture of entities searching for their own best practices. Use a strong platform to not just verify transactions but keep up with the most recent changes in payment technology. This adds to the security measures surrounding card data.