When it comes to the payment industry, there are a number of different solutions that have been gaining headlines. There are few, however, that have a hard deadline in place when it comes to adoption. EMV and chip-and PIN technology is one of them.
The hot tech solution has been on the radar for some time and was thrust back into the mainstream because of the Senate Judiciary Committee hearing earlier this month. Executives from Target and Neiman Marcus, as well as several industry experts, spoke about how EMV will need to be adopted soon to help keep credit card processing solutions secure.
A recent article from the Wall Street Journal dives deeper into EMV technology. Currently, MasterCard and Visa have deadlines in place of October 2015, where organizations will need to deploy chip enabled cards and readers to avoid the liability shift, which will penalize those using the old technology in the event of fraud.
The piece featured an interview with MasterCard's head of EMV, Carolyn Balfany.
"One thing to remember is this migration really isn't about a single device or technology, it's about establishing a technological platform for the next generation of payments," Balfany said. "So the EMV standard that we are moving toward isn't limited to chip and PIN cards, it also includes things like contactless payments, where you can tap the card against the reader, all with the same level of security."
With the help of a payment solution provider, any company can remain ahead of the competition and deploy the latest payment solutions.