Industry Alignment Proven to Be Crucial in Migration of Technology and Implementation of Enhanced Consumer Experience and Increased Security
PURCHASE, N.Y.–(BUSINESS WIRE)–May. 21, 2012– MasterCard today proposed the formation of a cross-industry group designed to foster collaboration and alignment between networks, issuers, merchants, acquirers, processors, terminal manufacturers, card manufacturers and other groups in the implementation of EMV technology in the United States.
In introducing its roadmap in January, MasterCard emphasized the need for the payments ecosystem to be aligned regarding the implementation of EMV standards in the U.S. Additionally, MasterCard introduced the need for securing all channels, including the ATM, and expressed a commitment to take a leadership role in delivering the maximum benefits to consumers and the industry from the EMV migration.
“We recognize that this next step toward a world beyond cash has raised a number of questions among our customers from baseline standards to timelines and implications,” said Chris McWilton, president, U.S. Markets, MasterCard. “Industry collaboration has proven to be critical to the successful migration to EMV in other parts of the world. It’s our goal to bring the industry together in an objective forum. This will continue to move the U.S. forward and allow all to gain the maximum advantage from the upgrade to EMV.”
Partners throughout the industry indicated strong support for cross-industry collaboration to drive a smooth migration to EMV.
“We support the efforts to bring all parties involved in EMV together,” said Randy Vanderhoof, executive director, Smart Card Alliance. “It is critical that the industry come together to collaborate around key topics to have a common framework and processes in place to ensure a successful upgrade of U.S. payments technology. We look forward to discussing how the Smart Card Alliance can play a key role in the formation of this industry forum.”
In support of a successful shift to EMV, a cross-industry group would focus on several key areas, including, but not limited to:
- Providing guidance on non-proprietary technical issues and standardizing the consumer experience
- Creating a set of common terms, descriptions and guidelines for EMV-enabled cards, devices and terminals
- Sharing and implementing best practices to simplify the implementation and consumer education processes
Initial discussions to solidify the activation of this group have begun. Specific details will be made available over the next few weeks, as the industry continues to join together and the formal structure of the group is formed.
“MasterCard is taking an active role to work with industry leaders like TSYS as we inform and collaborate with our clients to prepare for the launch of EMV in the U.S.,” said Marie Jordan, Director, Enterprise Business Compliance, TSYS. “MasterCard’s workshops are outstanding.”
Since the introduction of its roadmap, MasterCard has hosted a series of customer workshops designed to engage and help its customers educate themselves on EMV and prepare their own strategies for the adoption of this technology.
MasterCard was part of the original group that created the EMV standard and has supported the successful migration to EMV-based payments in every major market globally to date. The company’s continued investment in advancing these infrastructure standards has provided insights and expertise to guide the industry in advancing payments security and convenience.
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
Joanne Trout, 914-249-6644