A study released by Bell ID today argues that the U.S. payments industry could recover the cost of migrating from magnetic stripe to EMV chip cards within one year.
The industry white paper, “Six Myths Preventing EMV Migration in the U.S.” by Bell ID, discusses the current U.S. card payments industry and demonstrates how the $6.8 billion of annual U.S. magnetic stripe card fraud more than justifies investment in EMV.
The conclusion of this detailed study is that EMV adoption in the U.S. is not only inevitable, but has in many ways already started. Recommendations are made as to an approach for the national deployment of EMV, whilst maintaining the current market status quo, and how to achieve a win-win-win-win situation for all participants in the payment chain.
The white paper is available for download Six Myths Preventing EMV Migration in the U.S.
EMV, the global standard in chip payment technology, was introduced by the leading payment systems in 1995 to combat the exponential rise in card fraud at an industry level and to help banks reduce fraud losses. It has already replaced magnetic stripe cards in 60 countries worldwide. The U.S. is the only member of the G20 not to have adopted EMV.