Visa Inc. has announced its intention to speed
up migration to EMV in the US, saying it is essential to pave the
way for mobile payments
“By encouraging investments in EMV contact and
contactless chip technology, we will speed up the adoption of
mobile payments as well as improve international interoperability
and security,” said Jim McCarthy, global head of product, Visa
Inc
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“As NFC mobile payments and other chip-based
emerging technologies are poised to take off in the coming years,
we are taking steps today to create a commercial framework that
will support growth opportunities and create value for all
participants in the payment chain.
As well as accelerating mobile innovations,
chip technology is expected to ensure secure payments through
dynamic authentication. Under the system, customers are required to
enter dynamic values for each transaction which prevents criminals
from stealing data off the payment cards
EMV Chip adoption has played a significant
role in stamping out fraud in Europe and other markets that have
adopted the technology. Valerie Dias, chief risk and compliance
officer of Visa Europe said: “In Europe, EMV Chip adoption has
reduced fraud levels and become the foundation for contactless and
mobile payments, delivering secure
and rapid transactions to retailers and
cardholders.
“This announcement benefits our more than
4,000 European member banks through an intended liability shift
that further encourages US issuer and acquirer migration
and of course protects European cardholders with EMV
Chip technology in additional markets.”
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By GlobalDataEllen Richey, chief enterprise risk officer of
Visa Inc. added: “Dynamic authentication is the key to securing
payments into the future,” said. “Adding dynamic elements to
transactions makes account data less attractive to steal and takes
more merchant systems out of harm’s way, shrinking the battlefield
against criminals.”
