News

MasterCard introduces roadmap for next generation payments

February 1, 2012

MasterCard this week introduced a comprehensive roadmap focused on advancing the U.S. electronic payments system, according to a press release at the MasterCard website.

The roadmap includes the company’s plan for migration from magnetic stripe to EMV chip technology and is expected to serve as the foundation for the next generation of MasterCard products and services. In its roadmap, the company has indicated that it will support current industry timelines in an effort to minimize disruption and maximize investments across the payments ecosystem.

MasterCard’s roadmap strongly encourages the adoption of the most secure technologies available, including dynamic authentication, which incorporates unique information into a transaction and makes it virtually impossible to replicate fraudulently.

Other elements of the roadmap include:

• solidifying EMV as the foundation of the next generation of payments;
• working with acquirers to ensure infrastructure readiness by April 2013;
• encouraging greater security and cardholder verification to provide consumers with more control and reduce fraudulent transactions;
• providing true financial benefits for merchants as they implement EMV-compatible terminals;
• addressing all channels consumers will use to interact with MasterCard — ATM, POS, online and mobile commerce.

"We’re moving toward a world beyond plastic, where consumers will shop and pay in a way that best fits their needs and lifestyles with a simple tap, click or touch in-store, online or on a mobile device," said Chris McWilton, president of U.S. markets for MasterCard. "Our roadmap represents a transformational shift in the approach to payments and is not simply about EMV, chip and PIN. We’re focused on readying the ecosystem to drive future innovation and provide new consumer experiences to enhance the value of electronic payments."

For more information on this topic, visit our EMV research center.