Magazine Article | May 16, 2016

EMV: A Stepping Stone For NFC

Source: Harbortouch

Implementing EMV payment terminals is an ongoing effort and colossal undertaking for merchants and POS providers alike. However, this widespread rollout may actually be missing the point since EMV is far from being a new technology. In fact, European countries have been using EMV chip-enabled credit and debit cards and processing terminals for nearly 30 years already.

Despite all the commotion around last year’s Oct. 1 deadline for merchants to become EMV compliant, this payment technology could soon become obsolete, especially as it faces consumers’ increasing adoption of newer payment technologies such as near-field communication (NFC) and other mobile payments.