Transition towards Europay Mastercard Visa (EMV) payment has entailed an inevitable tug of war between security and convenience. Both retailers and customers are seeking these two aspects but in a very subjective manner. While clients want to effect secure payment in an easy manner, merchants, on their side, are pressurized to offer convenient modes of payment while ensuring that they themselves are not victimized by fraudulent payments. If the right approach is adopted, neither has to be forsaken.
Ironing out the hurdles
The conversion towards EMV payment has occasioned several obstacles which is a normal phase. Long processing times, eternal waiting for Point-of-Sale (POS) technologies to be certified, backlogs, chargebacks, clients as well as merchants frustration…quite a number of hurdles have to be overcome. Nonetheless, both clients and retailers need to understand one undeniable fact – these issues are temporary and will end up being sorted out. Already, MasterCard, American Express as well as Visa have adopted judicious strategies to ease this transition. Chargeback policies have been reduced while durations of certification tests have been shortened.
EMV system boasts of a multitude of advantages
It is an undeniable fact that EMV offers additional security standards to both consumers and retailers. The familiar chip cards are undergoing endless innovations, providing more and more prospect for convenience as well as security levels. New contactless “tap-as-you-go” cards have already been designed to enhance convenience, to diminish payment frauds risks and make transaction times faster. As such, payment data is becoming less prone to be misused.
Tokenization of payment methods
EMV payments are undergoing immense progressions. Mobile payment systems such as Apple Pay and Android Pay are coupling EMV security standards with tokenization. This innovative mode of payment is offering contactless payment in a fast and secure manner. With tokenization, clients can remain worriless as sensitive account information is saved off-site in a heavily secured setting and is instead represented as a token in the retailer’s system. This token has absolutely no value if stolen. Combined with EMV standards, tokenization may be regarded as a pioneer in protecting and securing payment data and payment itself in an innovative way. The expanding innovations in this field are giving rise to a plethora of evolutions. Presently, a new format consisting of biometric thumbprint-enabled cards are being tested. Whatever be the mode, new methods of payment have always been managed to integrate our lives more or less effortlessly.
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