August 24, 2016
Report: EMV Will Drive Mobile Payments
June 24, 2013
Much of the news surrounding the U.S.’s coming migration to the EMV payment-card standard has been around the challenges for merchants, acquirers, processors and issuers as the changeover occurs in the next few years. A recent survey, however, reminds the payments ecosystem that the migration to EMV comes with benefits as well. A reduction in counterfeit fraud leads the way, but a recent study also found that the shift to EMV will drive mobile payment adoption. Payment systems provider ACI Worldwide found nearly half of respondents believe the U.S. migration to EMV will result in consumers turning away from card-based transactions.
“It was interesting, and frankly a bit surprising, to see data that so strongly indicates a belief that consumers will move away from physical cards in lieu of mobile,” said Dan Heimann, consulting manager, ACI Worldwide and vice-chairman of the EMV steering committee for the U.S. EMV Migration Forum. “Everything I have heard during my work with the Forum and in conversations with those in the industry has led me to believe there will be dual adoption and consumers will continue to carry their physical cards. Given these findings, I’m more intrigued than ever to watch the rollout and adoption rates for EMV cards.”
While more than a quarter of respondents said they felt mobile payments were the most likely payments solution to be adopted in the near future, this focus did not extend to mobile wallets like Google Wallet or Isis. Only 10 percent of respondents to the ACI survey believed that mobile wallets will become widely adopted over the next two years.