MasterCard to foster industry collaboration in preparation for EMV switch

Best practices to simplify the switch to EMV

MasterCard today suggested the creation of a cross-industry group aimed at fostering collaboration and alignment between issuers, merchants, networks, processors, card and terminal manufacturers along with other groups in the implementation of EMV technology in the US (view press release). Earlier this year, MasterCard highlighted the need for the payments ecosystem to be aligned with regards to the implementation of EMV standards in the US. Moreover, the card issuer emphasized the importance of securing all channels, including the ATM, and committed to taking a leadership role in providing consumers and the industry with the maximum benefits from the EMV migration. A cross-industry group would focus on areas such as: providing guidance on non-proprietary technical issues and standardizing consumers experience, sharing and implementing best practices to simplify the switch and consumer education processes, creating a set of common terms, descriptions and guidelines for EMV-enabled cards, devices and terminals.

“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,” says 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.”

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