Just what exactly is EMV you ask? Years ago we wouldn’t even need to ask that question, but with the amount of fraud, corruption, and hackers around the world, EMV is needed to bring safety to our credit world. You see, EMV stands for Europay, Mastercard, and Visa. It’s the global equivalent of protection. These companies have come together to bring notice to thieves.
Why?
With the onset of millions of cards worldwide and continual corruption, a summit of sorts was held with solutions to the problems. A chip was designed that leaves no way for the thieves to steal your identity or your money and works in conjunction with Point sale terminals and ATM machines. But the EMV chip card is in danger of being late.
How could that be?
Word is that no one is coming up with programs for the transition in the United States. Predictions are sounding off dates all the way into 2018. The issue with this is the guidelines that have transpired clearly state that the deadlines begin in 2015. With the deadline looming for the North American country, why are there no new machines hitting the markets and training going on for them? Good questions.
Future costs
On average, the EMV cards and terminals will cost issuers and merchants more than $6.8 million and issuers will pay 62% of that. Maybe just maybe, as the country is still on the upswing in the economic arena, the United States is stumbling. With the cost of this program in the millions of dollars, it may not be that no one wants to get the ball rolling, it might be as simple as….. the ball is too expensive right now.
As simple as that
It could be just as simple as that. The country just might not have the heart to change a system that is only slightly broken. It may be that the coffers are not as full as everyone would like. With the extra expense of machines, training, and the cost of making the cards….. well, it could break the bank….. so to speak.
In the end
Should the EMV program be initiated in the United States? Absolutely! In Europe, fraud and thievery are down considerably. Will this be a long-term solution to a short-term issue? Absolutely! When fraud and thieves and liars can be stopped with one little chip, then honesty is given a chance and that can’t be all bad.
For more information, contact us today at 818-621-4893.