The Outlook for Smart Cards in the US: DOA or Chipping In?
Despite the proliferation of chip cards globally, with 86 countries already completing migration from magnetic stripe to EMV-compliant chip cards and another 45 in the process, the U.S. continues to hold out. Other than start-and-stop efforts in the U.S. with stored value cards, chip technology has not grabbed the attention it has in other countries, and the compelling reasons for EMV adoption still do not resonate in the U.S. Is it risky business to wait and are costs too high? There are varying opinions by the experts.
In this Strategic Commentary entitled “The Outlook for Smart Cards in the U.S. – D.O.A. or Chipping In?” Speer & Associates, Inc. (S&A) examines the transformation that is occurring in the global payments card industry as a result of the conversion to EMV chip cards and provides perspective on the implications this trend represents for the U.S.
