News

EMV shift in Australia progresses

July 19, 2005

ePaynews.com:Australia's banks have been criticized for being slow to adopt cards that meet the Europay/MasterCard/Visa standard. However, that reluctance to completely make the shift could be related to the historically low card-fraud rate in the Asia Pacific region of 3 percent of all transactions. But as fraudsters are displaced from neighboring EMV card-using countries, Australia may need to accelerate its migration to reduce the risk of increased fraud. EMV payment infrastructure and applications need to be deployed in Australia to maximize the value of EMV cards, but EMV card readers are being phased in and MasterCard is confident that EMV migration is on track.