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Industry News

MasterCard drafts 'roadmap' for adoption of electronic payment services

By Louis Georgakakis

31/01/2012 - MasterCard is moving to expedite the adoption of electronic payment services and technologies. This week the financial network released a "roadmap" for advancing the migration from magnetic stripe credit cards to EMV chip-enabled cards.

Among the steps involved in the roadmap, MasterCard highlights the importance of focusing on acquirer infrastructure for a targeted adoption rate by April 2013. MasterCard also stresses the importance of encouraging improved security and cardholder verification measures.

Perhaps more importantly, industry leaders need to provide merchants incentives for adopting EMV-enabled point-of-sale terminals. Furthermore, electronic payment strategies must account for all channels and platforms, including ATMs, POS systems, online and mobile commerce.

"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 of U.S. at MasterCard. "Our roadmap represents a transformational shift in the approach to payments and is not simply about EMV, chip and PIN."

MasterCard holds that EMV technology, which has already taken off in Europe, is the foundation of next-generation payment services and technology.

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