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How Did the EMV Liability Shift Lay the Groundwork for Contactless Cards?

By PaymentsJournal
August 14, 2019
in Contactless, Credit, Customer Experience, Debit, Merchant, Truth In Data
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Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s viewpoint – Ready or Not, U.S. Contactless Debit Card Issuance Takes Off.

How did the EMV liability shift lay the groundwork for contactless cards?

  • In the early 2000s, the card networks tried to seed the market with contactless cards
  • Despite offering free contactless terminals for merchants, the attempt failed
  • There were simply not enough contactless terminals to build a habit for consumers
  • But contactless upgrades came along with billions spent on EMV upgrades
  • The push for mobile payments (think Apple Pay) also helped raise awareness of contactless payment
  • But contactless cards might actually be faster than mobile phone payments
  • So QSRs, grocery, fuel, & convenience stores have widely adopted contactless acceptance
About the viewpoint

Several issuers have announced their intentions to issue dual interface cards, ushering in contactless transactions at the point-of sale for debit cardholders.

As cards issued during the migration to EMV chip cards are now being re-issued to accountholders, financial institutions are moving to contactless, even if the acceptance market isn’t quite ready.

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Tags: ContactlessEMVPoint of Sale

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