Moderated by: Jeff Green, Editorial Director, PaymentsSource
EMV smartcards are the card standard in Europe, many countries in Asia and most recently in Canada. U.S. issuers have been reluctant to adopt the technology. But now, the prospect of widespread adoption of smart cards in the US is finally gaining some traction, indicating a desire to offer the greater security of smart cards and align itself with the rest of the world. Most recently, MasterCard Worldwide unveiled its EMV roadmap, five months after Visa, Inc. announced their guidelines and deadlines. A handful of U.S. issuers are piloting EMV chip cards, albeit to very select group of customers. Large retailers, most notably Wal-Mart, which pushed for EMV conversion two years ago, are supporting the effort.
Since many view the growing fraud dangers as the weakest link in the U.S. payments chain, the impetus to move EMV along could only grow stronger.
But many questions remain.
- Are the compliance dates from the major networks realistic?
- MasterCards plan explicitly states that the partythe issuer or merchantoffering the least secure method would be held liable for a fraudulent transaction. A liability shift by Visa and MasterCard has worked elsewhere in the world. Will it work in the US?
- Will there be any interchange rate relief? Will the Fed consider the cost in its bi-annual review of Durbin pricing for debit cards?
- Large merchants may be behind the conversion, but will smaller merchants follow? Can the smaller merchants afford the technology upgrade?
- Are there other technology enhancements (like NFC) that , if included, might strengthen EMVs value to merchants, issuers and consumers?
- Will the move to the EMV standard at the POS speed-up or slow down the adoption of mobile payments?
- How will the EMV standard impact the growth of prepaid?
Get answers from an expert panel, and pose questions of your own during this interactive web seminar.
Mark Horwedel, CEO, MERCHANT ADVISORY GROUP
Mr. Horwedel has more than 35 years of experience in payments, including nearly 20 years as the CEO of a regional debit network. More recently, Mr. Horwedel served as Director of Payments at Walmart where he led efforts to pass the Durbin amendment. He presently serves as CEO of the Merchant Advisory Group, the only merchant trade association focused on payments. He is a CPA, CMA and CFP.
Rodman K. Reef, Consultant, Retired Chairman & CEO, CITISHARE> CORP.
Mr. Reef is the retired Chairman and CEO of Citishare Corporation, a subsidiary of Citigroup. Mr. Reef is currently a consultant specializing in the global payment business including topics such as prepaid cards (both in the U.S. and abroad), electronic money transfer, global ACH access, Internet payments, ATM operating rules and best practices, and debit and credit card processing.
Merrill Halpern, AVP, Card Services, United Nations Federal Credit Union (UNFCU)
Merrill Halpern oversees the Card Services Department at the United Nations Federal Credit Union. In 2010, under his leadership, UNFCU became the first issuer in the United States to offer credit cards with high security Europay-MasterCard-VISA® (EMV) Chip and personal identification number (PIN) capabilities. Such an innovation -- driven in response to fulfill members needs -- attracted widespread industry attention. Mr. Halpern has more than 20 years experience in the global payments industry. Prior to joining UNFCU in 2005, he worked in the product development and operational areas of Citibank, N.A., NYCE Payments Network, LLC, and MasterCard International.
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