The payment industry in the cloud has been slow to make a major impact on daily operations. While there are some companies that rely on it, many are still trying to decide if a cloud-based payment provider is the way to go. According to a recent article from PYMNTS, EMV adoption requirements could make the cloud a more attractive option.
As the article points out, global EMV adoption is a growing concern for merchants around the world. This is a shift away from magnetic strips on credit cards to EMV Chip-card technology. Visa and MasterCard have already rolled out a number of deadlines for what will come to pass over the next few years that will require businesses to upgrade their POS system to support the technology.
The goal of this deployment is to reduce global fraud numbers, However, installing the system can be complicated and costly for merchants because it involves integrating POS software and hardware, as well as testing and certification procedures. The article points out that the cloud could be the answer.
"Forward thinking manufacturers and integrators are already exploring ways in which they can reduce these costs and the cloud is quickly emerging as a viable solution," the article reads. "With this approach, the EMV Kernel – the set of functions that provide all the necessary processing logic and data to perform an EMV transaction – is hosted in a cloud-based server."
By partnering with a payment solution provider that understands the cloud, any merchant can start rolling out a new cloud-based system.