The migration to EMV chip is arguably the most important change to the card payments industry in over 40 years. All over the world, the conversion to chip is gathering momentum and a global chip infrastructure is finally taking shape.
This is a significant change that brings with it new opportunities. Equally, because of the global nature of the change, it brings some challenges and threats. Stakeholders that are planning to migrate need to consider carefully how chip will impact their current and future business and need to plan to migrate to chip in a manner that is tailored to their own particular business environment.
The challenges of an EMV migration program are multiple but EMV also brings opportunities to add value to payment cards. (Download our whitepaper to read more on the challenges and opportunities)
In the US, Unlike in most markets that have already adopted EMV, e.g. in Europe, Asia, Latin America or Canada, there is no interbank organisation in charge of coordinating, aligning and balancing requirements from all stakeholders.
One of the key challenges in the U.S. will be the necessity for individual stakeholders to coordinate with the different Payment Networks they are working with to fully prepare their migration.
This requires additional planning and coordination among the participants to build the EMV infrastructure.
How PayX can help
PayX works with a number of the top EMV experts in the world who have already been through this migration. We can advise on roadmaps and provide consultants to take your organisation through this challenging process.
Contact Us now to find out more