has introduced a comprehensive roadmap focused on advancing the U.S. electronic payments system. The plan includes the path for migration from magnetic stripe to EMV technology currently available on “chip” cards and will serve as the foundation for the next generation of products and services developed to enhance the way consumers pay.
MasterCard’s goal is to address how consumers really shop, providing greater security and control in payment choices and the potential to seamlessly integrate loyalty programs and offers into the purchasing experience.
“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,” states Chris McWilton, president, U.S. markets, 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. ”
The announcement of MasterCard’s roadmap
comes on the heels of Visa’s statement
of plans to drive chip card and mobile payment adoption. In August, Visa detailed intent to accelerate the migration to EMV contact and contactless chip technology in the United States. The adoption of dual-interface chip technology will help prepare the U.S. payment infrastructure for the arrival of NFC-based mobile payments by building the necessary infrastructure to accept and process chip transactions that support either a signature or PIN at the point of sale.
Elements of the MasterCard roadmap include:
* Solidifying EMV as the foundation of the next generation of payments; working with acquirers to ensure infrastructure readiness by April 2013.
* Providing consumers with greater control and to reduce fraudulent transactions; providing true financial benefits for merchants as they implement EMV-compatible terminals.
* Addressing all touch points where consumers will interact with MasterCard, including ATMs, the physical point-of-sale, online and mobile commerce.
* Fostering industry collaboration to deliver the next generation of payments into the U.S. marketplace.