MasterCard develops payment industry roadmap, focusing primarily on EMV adoption

MasterCard Roadmap

MasterCard has introduced an industry roadmap for payments in the US directed at enhancing the consumer experience in-store, online, at the ATM and with mobile phones. Solidifying the migration from magnetic stripe to EMV (chip) technology is the first and foremost issue to address. George Peabody, from the Mercator Advisory Group, explains that “the shift to dynamic data in the transaction process will help ensure greater consistency, security and functionality between the US region and the rest of the globe.” MasterCard says it has supported the transition to EMV in all major markets and is committed to aligning the US payments ecosystem in accordance with industry timelines. The adoption of EMV in the US will improve security standards and the consumer experience across all payment devices.

Other elements on which the roadmap focuses include acquirer infrastructure, greater security, merchant benefits for implementing EMV terminals, the consumer experience on all channels (ATM, physical PoS, online and mobile commerce) and leadership and collaboration. The general intention is to address shopping trends and focus on ways in which to improve security and integrate offers and loyalty programmes into the purchasing experience. Chris McWilton, President of MasterCard US Markets, claims the roadmap “provides issuers and merchants with a vision to ‘future proof’ their businesses.”

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