While the U.S. can learn from different markets that have already deployed EMV technology, stakeholders can also benefit financially by making a single investment that would result in the delivery of a combined EMV and NFC payment environment.
This is the conclusion of a Frost & Sullivan white paper, "Managing the Migration to EMV and NFC Payment Technology — How to ensure the successful and efficient market deployment of a product."
The paper offers U.S. payment card issuers and acquirers insight into the EMV standards landscape. The document also explains how this infrastructure can support next generation payment solutions such as NFC.
"We believe this document is a must-read and will serve as a valuable reference source to U.S. issuers and acquirers who are about to embark on an EMV implementation project," said Pascal Le Ray, general manager of FIME — a provider of consulting and market integration testing services for smart devices and secure chip applications, and a contributor to the paper. "The ability to efficiently and securely adapt today and in the future will be key to gaining market share and consumer confidence."
Readers of the white paper will gain an understanding of the functional and security standards that are stipulated when deploying EMV, as well as an appreciation of the certification process and how this will impact product time to market. The paper also acknowledges industry specifications that are not mandatory but that are shaping the next generation of payments.
"To start deploying EMV-compliant and NFC-enabled products ... card issuers should have a strategy in place," said Frost & Sullivan global program manager for smart cards, Jean-Noel Georges. "EMV migration needs to be fully prepared, planned and defined. There is no doubt that the great impact during EMV migration is on the issuer who has to modify the back office system, the authorization system as well as the customer service."
The paper offers advice as to how technology development costs can be contained and the importance of implementing a scalable and sustainable solution that will accommodate future business and technical requirements.
A complimentary copy of the white paper, "Managing the Migration to EMV and NFC Payment Technology — How to ensure the successful and efficient market deployment of a product," is available from Frost & Sullivan.
For more on this topic, visit the EMV research center.