Today, the Smart Card Alliance (SCA) announced the creation of the EMV Migration Forum (EMF). This is a significant step forward for the U.S. as the entire market prepares to upgrade to the next generation of payments.
Based on MasterCard’s work in other markets, we believe industry alignment is critical to the successful migration to EMV. It’s why we emphasized collaboration in our roadmap, and why we called for the formation of a group like the EMF earlier this year. Since then, we’ve been working with the SCA and others to set the structure of this effort. Now, our partners across the market — issuers, acquirers, merchants, payment networks, device manufacturers, processors and others — have concrete information about how to come together in this important dialogue and working group.
The EMF will allow cooperation across the payments ecosystem on key topics, including but not limited to:
- guidance on non-competitive technical issues and consumer awareness;
- development of best practices and educational materials; and
- coordination of processes.
We know that the evolution to EMV and our vision of a world beyond cash will not happen overnight. But as issuers, merchants and consumers adopt this new payment technology, they will begin to see the benefits of a safer, more convenient shopping experience wherever, whenever and with whatever payment method is used.
I’m looking forward to September, when MasterCard will host the first meeting of the EMF at our global headquarters in Purchase, NY. There will be a lot of ground to cover, but we’re grateful to the SCA for stepping forward to help us get the conversation started within the industry.
Tell me, what do you want to know about the migration to EMV in the U.S.?