U.S. Cards Move Toward EMV
Bank Info Security notes the shift toward chip and PIN or Europay, MasterCard, Visa (EMV) card technology in the United States has already begun. Pradeep Moudgal, head of global cards and merchant services for $19.2 billion Silicon Valley Bank contends it’s going to take a lot of push from financial institutions, from the merchant community, from the regulators, who work together to really help move the needle on EMV adoption. The EMV chip and PIN standard, a commonly used payments card method in Europe and Asia, offers an alternative to magnetic-stripe technology, which remains the standard in the U.S. The EMV chip is considered far more secure than the mag-stripe, because it prevents card details from being physically skimmed at points of sale.
