MasterCard Introduces U.S. Roadmap to Enable Next Generation of Electronic Payments With EMV In And Magnetic Strips Out

Posted on Jan 31 2012 - 11:18am by Editorial Staff

MasterCard introduced a comprehensive roadmap focused on advancing the U.S. electronic payments system. The roadmap includes the path for migration from magnetic stripe to EMV technology currently available on “chip” cards, will serve as the foundation for the next generation of products and services developed to enhance the way consumers pay.

“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, 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. ”

As issuers evolve their offering and merchants upgrade their terminals, the payments system will become more secure as this dynamic data is introduced into the payment transaction. MasterCard’s roadmap strongly encourages the adoption of the most secure technologies available.

MasterCard in its roadmap supports the need for the payments ecosystem to be aligned regarding the implementation of EMV standards in the U.S. The company has indicated it will support current industry timelines in an effort to minimize disruption and to maximize investments across the payments ecosystem.

MasterCard was part of the original group that created the EMV standard and has supported the successful migration to EMV-based payments in nearly every major market globally. The company’s continued investment in advancing these infrastructure standards has provided insights and expertise to guide the industry in advancing payments security and convenience.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.