Report: EMV Migration Deadlines ‘Likely Will Not be Met’
Feb. 22, 2013
In recent weeks, MasterCard and Visa have offered competing solutions trying to solve network routing issues that would arise when the coming migration to EMV in the U.S. conflict with the provisions of the Durbin Amendment. Both card networks reiterated their commitment to the timelines they had set up for implementation of the EMV, which begin this spring with the Visa-imposed deadline requiring that acquirers and processors be able to handle EMV and NFC transactions by April Fool’s Day. This week, Maynard, Mass.-based consultancy Mercator Advisory Group released a report suggesting the networks’ timelines are unrealistic.
“The road maps laid out by the networks intend to convert the U.S. payments ecosystem to EMV by 2015, four years after the first road map was developed,” says Dave Kaminsky, senior analyst in Mercator Advisory Group’s Emerging Technologies Advisory Service and author of the report. “Judging by the experience of other countries in trying to implement EMV, as well as the experience of the networks’ previous attempts to influence changes among U.S. merchants, that timeframe likely will not be met.”