EMV ESSENTIALS FOR THE U.S. MERCHANTc3318102.r2.cf0.rackcdn.com/EMV Essentials for the US...Place,...

EMV Essentials for the U.S. Merchant A Mercator Advisory Group

8 Clock Tower

phone:

www.mercatoradvisorygroup.com

© 2012 A Mercator Advisory Group Research Brief Sponsored by

EMV Essentials for the U.S. MerchantA Mercator Advisory Group

8 Clock Tower Place, Suite 420 | Maynard, MA 01754

phone: 1(781) 419-


Mercator Advisory Group, Inc.

EMVFOR THE

A Mercator Advisory Group Research Brief Sponsored by

EMV Essentials for the U.S. MerchantA Mercator Advisory Group Research Brief

Place, Suite 420 | Maynard, MA 01754

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EMV ESSENTIALS

FOR THE


EMV Essentials for the U.S. Merchant Research Brief Sponsored by


mail: [email protected]


SSENTIALS

FOR THE U.S.


Sponsored by Heartland Payment Systems


[email protected]

SSENTIALS

U.S. MERCHANT

A Mercator Advisory Group Research Brief Sponsored by Heartland Payment Systems

Heartland Payment Systems

[email protected]

SSENTIALS ERCHANT



ERCHANT


January

January 2011 2012


8 Clock Tower

phone:


© 2012



phone: 1(781) 419-



About

Heartland Payment Systems, Inc. (NYSE:

delivers

manageme

FORTUNE

advocacy initiative that educates merchants about fair credit and deb

company is also a leader in the development of end

cardholder data, rendering it useless to cybercriminals. For more information, please

visit

www



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About Heartland Payment Systems


elivers credit/debit/prepaid card processing

management and

FORTUNE 1000 company, Heartland is the founding supporter of The Merchant Bill of Rights, a public




visit HeartlandPaymentSystems.com

www.heartlandpaymentsystems.com







edit/debit/prepaid card processing

and related business solutions to more than 250,000 business locations nationwide. A

1000 company, Heartland is the founding supporter of The Merchant Bill of Rights, a public




HeartlandPaymentSystems.com

heartlandpaymentsystems.com



[email protected]



edit/debit/prepaid card processing

related business solutions to more than 250,000 business locations nationwide. A





HeartlandPaymentSystems.com and

heartlandpaymentsystems.com


[email protected]


Heartland Payment Systems, Inc. (NYSE: HPY), the fifth largest payments processor in the United States,

edit/debit/prepaid card processing, gift marketing and loyalty programs




company is also a leader in the development of end-to


and MerchantBillOfRights.org



), the fifth largest payments processor in the United States,

gift marketing and loyalty programs




to-end encryption technology designed to protect


MerchantBillOfRights.org


gift marketing and loyalty programs



advocacy initiative that educates merchants about fair credit and debit card processing practices. The

end encryption technology designed to protect


MerchantBillOfRights.org.


gift marketing and loyalty programs, payroll, check



it card processing practices. The




check



it card processing practices. The


2



8 Clock Tower

phone:


© 2012



phone: 1(781) 419-



Table of Contents



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Table of Contents

Introduction

What is EMV?

Why is EMV the Right

When is EMV Coming?

EMV is not One Thing

Merchant Recommendations

Platform for the Future





Introduction ................................

What is EMV? ................................

Why is EMV the Right Choice?

When is EMV Coming? ................................

EMV is not One Thing ................................





[email protected]

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Choice? ................................

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Merchant Recommendations ................................

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[email protected]

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8 Clock Tower Place, Suite 420 | Maynar

phone:


© 2012



phone: 1(781) 419-



Introduction

Two major pa

getting plenty of buzz because it is all about smartphones and mobile marketing. The other, the smartcard

standard EMV for secure payments, may be less wel

elsewhere around the world.

As these two approaches come forward at the same time, they have caused considerable concern and confusion

among merchants and issuers. Facing a market

security

confronted by critical choices regarding their payment acceptance systems. Merchants operat

of existing payment infrastructure and have committed massive investments into that infrastructure.

The twin technologies of EMV and NFC are especially important to large merchants as they plan for new products

and payment acceptance

regions and expect a consistent consumer experience. The payment step in the transaction cycle is a critical

element of that overall experience. Of course, layered into t

security and PCI compliance.

EMV alone is a significant upgrade to the U.S. payments system. To accommodate EMV, every POS terminal and

every ATM’s card acceptance sub

opportunity for retailers to upgrade POS terminals and ATMs to support both EMV and contactless payment and

other transactions from both cards and NFC

and it mus

may further ease message decryption and other concerns.

This Payments Trends update answers key questions around EMV’s arrival in the U.S., why merc

and suggests the next steps for a merchant to consider.

What is EMV?

EMV is a payment security approach based on smartcard technology that adds dynamic data to the transaction

stream that, unlike standard static magstripe card data, rend

important, because every card contains its own microprocessor chip (that’s why it is called a smartcard), EMV

cards are impossible to counterfeit economically.



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Introduction

Two major payments technologies are coming to the United States. One called NFC (near field communications) is






security-driven imperative around EMV (counterfeiting magstripe cards is too easy!); merchants in particular are




and payment acceptance








and it must—it is best to get it over with all at once. Services from payment processors and other service providers




What is EMV?









Introduction

yments technologies are coming to the United States. One called NFC (near field communications) is






driven imperative around EMV (counterfeiting magstripe cards is too easy!); merchants in particular are




and payment acceptance systems in a world that is increasingly homogeneous, where customers travel between








it is best to get it over with all at once. Services from payment processors and other service providers




What is EMV?






d, MA 01754

[email protected]











systems in a world that is increasingly homogeneous, where customers travel between




every ATM’s card acceptance sub-system will require either replacement or












[email protected]



standard EMV for secure payments, may be less well known in the U.S., but it is well known and broadly deployed


among merchants and issuers. Facing a market-driven imp









system will require either replacement or


other transactions from both cards and NFC-equipped handsets. In other words, if an upgrade must be made












l known in the U.S., but it is well known and broadly deployed


driven imperative around NFC (mobile commerce is hot!) and a







element of that overall experience. Of course, layered into the customer experience is concern for payment


system will require either replacement or


equipped handsets. In other words, if an upgrade must be made





stream that, unlike standard static magstripe card data, renders replay of payment transactions impossible. More






erative around NFC (mobile commerce is hot!) and a







he customer experience is concern for payment


system will require either replacement or enhancement. EMV presents an






ers replay of payment transactions impossible. More








confronted by critical choices regarding their payment acceptance systems. Merchants operate in the real world







enhancement. EMV presents an




This Payments Trends update answers key questions around EMV’s arrival in the U.S., why merchants should care,










e in the real world







enhancement. EMV presents an


equipped handsets. In other words, if an upgrade must be made—


hants should care,




4




hants should care,



phone:


© 2012



phone: 1(781) 419-



While improvements to magstripe security exist, EMV is the technology that the payment card brands have chosen

to stop card counterfeiting. The organization responsible for development of EMV standards is EMVCo, a

consortium owned by MasterCard, Visa, AMEX

completion of its EMV roll

An EMV card is exactly the same size and thickness as a standard magstripe card (see Exhibit 1). An EMV card is

not swiped like

contact. When inserted, the contact connects the card to the terminal and the two devices can communicate.

course, almost all EMV cards also have a magstripe for use at terminals that haven’t been upgraded to EMV.

Exhibit 1: Contact EMV Card

Source: Mercator Advisory Group, 2011

EMV also supports contactless payments. A card capable of both contact an

dual interface card. A dual interface card can be either tapped at the POS terminal or inserted into the EMV card

reader. In Canada, nearly 100% of MasterCard

the same one that smartphones equipped with NFC chips use so a POS terminal that supports both contact and

contactless EMV is ready to accept mobile payments from smartphones.

EMV cards can be deployed for online and offline authorization.

our magstripe authorization process today where the transaction is verified immediately via an online connection

to the card issuer. Offline authorization is authorization between the card and the acceptance

online authorization. Offline authorization is called chip and PIN. The PIN unlocks the card. In many markets, a

PIN is used for credit transactions as well. The choice of whether to use offline authorization generally runs on a

nation

cardholder may or may not need to enter a PIN.

Given that virtually 100% of U.S. transactions are authorized online, the need for offline authori

as chip and PIN, is negligible for domestic transactions. In the U.S. we expect the vast majority of credit cards

issued to be “chip and signature” cards that will not require a PIN. Online authorization will be used as it is today

with

the greater need by issuers to manage the cost of debit processing, we expect debit cards to employ EMV online

PIN verification, just as we do today



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completion of its EMV roll


not swiped like















national basis. Depending





with the chief EMV benefit being the elimination of counterfeit cards. As a result of the Durbin amendment and










completion of its EMV roll-out and Mexico is well underway.


a magstripe card. It is inserted into a slot on the POS terminal. On the face of the card is a metal















al basis. Depending on





the chief EMV benefit being the elimination of counterfeit cards. As a result of the Durbin amendment and




d, MA 01754

[email protected]




out and Mexico is well underway.
















the issuer and/or the merchant’s preferences based on transaction type and size, the







PIN verification, just as we do today.


[email protected]



consortium owned by MasterCard, Visa, AMEX and JCB. EMV is now in wide global deployment. Canada is nearing








reader. In Canada, nearly 100% of MasterCard-branded cards are dual interface. The contactless EMV i


















and JCB. EMV is now in wide global deployment. Canada is nearing








branded cards are dual interface. The contactless EMV i



EMV cards can be deployed for online and offline authorization. Online authorization uses a process similar to


















EMV also supports contactless payments. A card capable of both contact and contactless transactions is called a





Online authorization uses a process similar to


















d contactless transactions is called a






to the card issuer. Offline authorization is authorization between the card and the acceptance device, without




Given that virtually 100% of U.S. transactions are authorized online, the need for offline authorization, also known










contact. When inserted, the contact connects the card to the terminal and the two devices can communicate. Of


d contactless transactions is called a


branded cards are dual interface. The contactless EMV interface is




device, without




zation, also known





5



nterface is


zation, also known



phone:


© 2012



phone: 1(781) 419-



EMV is a global standard. The U.S. is the major laggard and the last major EMV holdout (see Exhibit 2).

Exhibit 2: Online and Offline PIN Countries



The venerable magstripe has served the payment card well for decades, enabling untold numbers of electronic

transactions. But the magstripe is no longer able to fend off fraudsters armed with low cost magstripe readers,

card duplication gear and Internet

too easy to create counterfeit payment cards.

The result has been an outbreak of card skimming that has cost merchants, card issuers, and consumers millions.

With most of the

and more to the United States, affecting both point of sale and card not present e

payment security point of view, the U.S. is a sittin

EMV will protect against three issues when compared to magstripe:



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With most of the




1. Counterfeit cards. EMV cards are virtually impossible to copy.

2. Skimming. Because each transaction is unique and cards cannot be economically counterfeited, skimming

an EMV card

3. Offline interceptions

unique, encrypted data that is of no use to the fraudster.

Belgium

Estonia

France

Finland

France

Ireland

Netherlands

Rest of Europe

is Signature














With most of the developed world now using EMV to prevent counterfeit card fraud, card fraud is migrating more




Counterfeit cards. EMV cards are virtually impossible to copy.

Skimming. Because each transaction is unique and cards cannot be economically counterfeited, skimming

an EMV card is not worthwhile.

Offline interceptions


Chip-and-Offline PIN Countries

Belgium

Estonia

France

Finland

France

Ireland

Netherlands

Rest of Europe

Signature


d, MA 01754

[email protected]







card duplication gear and Internet-sourced card data. As those fraudsters have proven over and over, it is simply



developed world now using EMV to prevent counterfeit card fraud, card fraud is migrating more






is not worthwhile.

Offline interceptions – “man in the middle” attacks


Offline PIN Countries

Norway

Poland

Slovakia

Sweden

UK

Japan

Malaysia (after 2015)

Canada

Brazil

Chile


[email protected]





ourced card data. As those fraudsters have proven over and over, it is simply





payment security point of view, the U.S. is a sitting duck.




“man in the middle” attacks


Offline PIN Countries

Malaysia (after 2015)












“man in the middle” attacks – are thwarted because each transaction contains


Chip

Online PIN Countries

Spain

Portugal

Mexico

Italy

Turkey

Germany







and more to the United States, affecting both point of sale and card not present e-commerce security. From a


are thwarted because each transaction contains

Chip-and-Signature /


Australia

New Zealand

China

India

Malaysia (until 2015)

Russia

Rest of Asia is Signature







commerce security. From a



Signature /


Australia

New Zealand

Malaysia (until 2015)








commerce security. From a




6





phone:


© 2012



phone: 1(781) 419-



When is EMV Coming?

While it has been anticipated for years, it appears that

security.

States toward a broad deployment of EMV. Visa’s avowed purpose was to pave the way for conta

based on dynamic data. To date, none of its major competitors have made similarly wide

pronouncements, although they are expected

not surprising.

To move the

Visa’s pushing for a comparatively swift EMV rollout in the United States with that

course,

What is MasterCard Doing? To date, the second largest card network is encouraging the EMV transition only on its

ATM business. It is

for a U.S. EMV rollout.

EMV issuance in the United States is

issue EMV cards

to more and more U.S. cardholders. Because debit issuance is now a cost



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When is EMV Coming?


security. On August 9, 2011, Visa announced




not surprising.

To move the pay

1. Technology Innovation Program (TIP)

compliance validation

compliant) POS terminals. The U.S

terminals must accept both contact and contactless chip cards and contactless transactions from NFC

equipped mobile de

validation once three quarters of

2. Merchant Acquirers Get Ready

generated dynamic data associated with each EMV transaction.

3. Merchant Get Ready

any counterfeit

on that EMV card because the merchant does not have an EMV

acquirer is likely to, in turn, make the merchant responsible for the fraud on that transaction. This liability

shift will

two years to prepare, given the high cost of upgrading their automatic fuel dispensers. The phrase

“liability shift” is frequently used in discussions over EM

encourage the transition to chip cards. With chip

liability shift.


course, in order for that to happen


ATM business. It is



issue EMV cards






When is EMV Coming?


On August 9, 2011, Visa announced




payments ecosystem

Technology Innovation Program (TIP)

compliance validation

compliant) POS terminals. The U.S


equipped mobile devices. Visa’s TIP program does not eliminate a merchant’s PCI requirements

validation once three quarters of

Merchant Acquirers Get Ready


Merchant Get Ready

any counterfeit or fraud



shift will be in effect for both domestic and cross




liability shift.


in order for that to happen


ATM business. It is targeting inter



issue EMV cards to their corporate and high net worth customers. But there are plans to bring the security of EMV



d, MA 01754

[email protected]

When is EMV Coming?


On August 9, 2011, Visa announced




ments ecosystem – issuers, acquirers and merchants

Technology Innovation Program (TIP)

compliance validation once 75 percent of their Visa transactio

compliant) POS terminals. The U.S.


vices. Visa’s TIP program does not eliminate a merchant’s PCI requirements

validation once three quarters of Visa transactions originate from EMV

Merchant Acquirers Get Ready. By April 1, 2013, acquirers must be ready to proces


Merchant Get Ready – Liability Shift

fraud losses on a transaction



be in effect for both domestic and cross





in order for that to happen U.S. issuers have to


targeting inter-regional Maestro ATM transactions.

EMV issuance in the United States is getting underway

to their corporate and high net worth customers. But there are plans to bring the security of EMV



[email protected]

While it has been anticipated for years, it appears that the U.S. is beginning to adopt smartcard

On August 9, 2011, Visa announced the beginning of



pronouncements, although they are expected to. Issuer reluctance, given the costs and regulatory environment, is

issuers, acquirers and merchants

Technology Innovation Program (TIP). The TIP program allows merchants to skip their annual

75 percent of their Visa transactio

TIP program goes into effect



Visa transactions originate from EMV

. By April 1, 2013, acquirers must be ready to proces


Liability Shift. After October 15, 2015,

losses on a transaction if a cardholder w



be in effect for both domestic and cross-



encourage the transition to chip cards. With chip-


issuers have to support


regional Maestro ATM transactions.

getting underway. A few credit unions and a few large banks have begun to




the U.S. is beginning to adopt smartcard

beginning of what will be a long process to



. Issuer reluctance, given the costs and regulatory environment, is

issuers, acquirers and merchants – Visa

The TIP program allows merchants to skip their annual

75 percent of their Visa transactions are originated on chip

TIP program goes into effect



Visa transactions originate from EMV



. After October 15, 2015, merchant acquirers will be responsible

if a cardholder w



-border POS transactions. Gasoline retailers have another


“liability shift” is frequently used in discussions over EMV rollout. The purpose of the liability shift is to

-to-chip transactions, there is no concern regarding


support a massive EMV card rollout.


regional Maestro ATM transactions. But it hasn’t announced any endorsement

. A few credit unions and a few large banks have begun to



the U.S. is beginning to adopt smartcard

what will be a long process to




Visa announced three separate programs


ns are originated on chip

TIP program goes into effect on October 1, 2012. Qualifying POS



Visa transactions originate from EMV-capable



merchant acquirers will be responsible

if a cardholder with an EMV card must use the magstripe

on that EMV card because the merchant does not have an EMV-capable POS terminal. The merchant


border POS transactions. Gasoline retailers have another


V rollout. The purpose of the liability shift is to

chip transactions, there is no concern regarding

Visa’s pushing for a comparatively swift EMV rollout in the United States with that October 15, 2015 date. Of

a massive EMV card rollout.


But it hasn’t announced any endorsement



to more and more U.S. cardholders. Because debit issuance is now a cost-based activity, Mercator anticipates that

the U.S. is beginning to adopt smartcard-based payment

what will be a long process to move the United

States toward a broad deployment of EMV. Visa’s avowed purpose was to pave the way for contactless and NFC

based on dynamic data. To date, none of its major competitors have made similarly wide-ranging


announced three separate programs


ns are originated on chip-enabled (EMV

October 1, 2012. Qualifying POS



capable terminals.

. By April 1, 2013, acquirers must be ready to process the cryptographically

merchant acquirers will be responsible

ith an EMV card must use the magstripe

capable POS terminal. The merchant






October 15, 2015 date. Of

a massive EMV card rollout.





based activity, Mercator anticipates that

based payment

move the United

ctless and NFC


announced three separate programs:

The TIP program allows merchants to skip their annual Visa PCI

enabled (EMV

October 1, 2012. Qualifying POS

terminals must accept both contact and contactless chip cards and contactless transactions from NFC-

vices. Visa’s TIP program does not eliminate a merchant’s PCI requirements, just the

s the cryptographically

merchant acquirers will be responsible for

ith an EMV card must use the magstripe

capable POS terminal. The merchant






October 15, 2015 date. Of






7


s the cryptographically








phone:


© 2012



phone: 1(781) 419-



debit card issuers in the U.S. will opt f

protections that a PIN confers.


For many U.S. readers, the term “EMV” has been synonymous with a contact

and

based on a contact transaction exists, as does (

transaction type: credit, debit, and prepaid. And it can b

3).

Exhibit 3: EMV


Of course, expecting all security troubles to be resolved by one technology is wis

has suffered from this “silver

Payments security is about layers of defense because multiple layers work better. For example, the best e

commerce m

fraud risk. Weaker performers use fewer tools. For point of sale payments, EMV creates a secure environment by

eliminating the counterfeit and transaction repl



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and-PIN” approach used



3).

Exhibit 3: EMV -



has suffered from this “silver


commerce merchants, the Merchant Risk Council's Platinum members, use on average 7.9 tools to manage their



Consumer may enter a PIN (Chip +

PIN), a signature or no factor based

on limits or in contactless mode









PIN” approach used in the UK and elsewhere, however, is simply an implementation decision. Signature EMV



- Multiple Form Factors, Multiple Communications Links



has suffered from this “silver-bullet


erchants, the Merchant Risk Council's Platinum members, use on average 7.9 tools to manage their



EM

V S

ys

tem

Consumer may (Chip +

PIN), a signature or no factor based

on limits or in contactless mode


d, MA 01754

[email protected]

debit card issuers in the U.S. will opt for EMV cards to take advantage of the lost, stolen and friendly fraud




in the UK and elsewhere, however, is simply an implementation decision. Signature EMV



Multiple Form Factors, Multiple Communications Links



bullet-itis” as well but it is no more a cure





EM

V S

ys

tem

Offline Mode

Authorization / Limits

Contact

Interface


[email protected]

or EMV cards to take advantage of the lost, stolen and friendly fraud



based on a contact transaction exists, as does (and this is important

transaction type: credit, debit, and prepaid. And it can be built into smartphones armed with NFC chips (see Exhibit



itis” as well but it is no more a cure




eliminating the counterfeit and transaction replay risks, a pair of big holes.

EMV Security Stack

Offline Mode

Authorization / Limits

Payment Network

Contactless

Interface





and this is important) contactless EMV. EMV can be used for any

e built into smartphones armed with NFC chips (see Exhibit



itis” as well but it is no more a cure-




ay risks, a pair of big holes.

EMV Security Stack - Crypto

Online Mode

Payment Network

Contactless

Interface


For many U.S. readers, the term “EMV” has been synonymous with a contact-only, PIN


) contactless EMV. EMV can be used for any



Of course, expecting all security troubles to be resolved by one technology is wishful thinking. EMV deployment

-all than card number encryption.




ay risks, a pair of big holes.

Crypto

Online Mode

NFC

Secure


only, PIN-only technology. The “chip




hful thinking. EMV deployment

all than card number encryption.




Secure Element

SIM Card

In Phone,

Fob, microSD


only technology. The “chip-




hful thinking. EMV deployment

all than card number encryption.

Payments security is about layers of defense because multiple layers work better. For example, the best e-



8

-




phone:


© 2012



phone: 1(781) 419-




To prepare for EMV

recommendations:


EMV does a lot to improve the counterfeit card problem at the point of sale.

data, it will decrease, in the long run, card

transactions.

more difficult, card not present fraud wi

As NFC

security for mobile payments using NFC.

a wide range of mobile transactions.

appropriate hardware, EMV and, in the case of mobile handsets, the hardware is there.

With both of these payment technologies arrivi

and take advantage of the security and marketing advantages each offers.



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To prepare for EMV

recommendations:

� If you're refreshing your terminal estate, buy EMV capable terminals. Spend the

you’re ready to take “chip and PIN” payments.

� If mobile commerce and payments are on your mind, and they should be. Purchase terminals that support

contact

directly, not via an add

capability if you plan to get more than two years (and you do) out of your POS terminals. This positions

you for both today’

� If you haven’t already, consider PIN debit acceptance. Because EMV does support PIN, nearly 100% of

EMV terminals include PIN pads. So put those pads, and the lower cost of debi

� Drive a hard bargain. There is going to be heavy competition for the POS upgrade business.




transactions. The ability to skim cards goes away.


As NFC-equipped smartphones roll out in 2012 and beyond, the EMV shift can be used to increase payment











To prepare for EMV and mobile payments, merchants of almost any size are wise to follow the following

recommendations:

If you're refreshing your terminal estate, buy EMV capable terminals. Spend the


If mobile commerce and payments are on your mind, and they should be. Purchase terminals that support

contact and contactless EMV. Look for terminals where the contactless capability is b

directly, not via an add


you for both today’s contactless card payments and for the coming era of NFC

If you haven’t already, consider PIN debit acceptance. Because EMV does support PIN, nearly 100% of


Drive a hard bargain. There is going to be heavy competition for the POS upgrade business.




The ability to skim cards goes away.


equipped smartphones roll out in 2012 and beyond, the EMV shift can be used to increase payment







d, MA 01754

[email protected]


mobile payments, merchants of almost any size are wise to follow the following




contactless EMV. Look for terminals where the contactless capability is b

directly, not via an add-on card or external device. That will keep the cost lower. Buy contactless payment


s contactless card payments and for the coming era of NFC






data, it will decrease, in the long run, card-not

The ability to skim cards goes away.

more difficult, card not present fraud will increase as fraud migrates to the less secure channel.


security for mobile payments using NFC. EMV provides an important part of the security infrast

a wide range of mobile transactions. POS payments and e





[email protected]







on card or external device. That will keep the cost lower. Buy contactless payment







not-present fraud during e

The ability to skim cards goes away. In the short to medium term, as card present fraud becomes

ll increase as fraud migrates to the less secure channel.


EMV provides an important part of the security infrast

POS payments and e


With both of these payment technologies arriving at the same time, the smart merchant will plan to support both














present fraud during e-commerce and mobile commerce

In the short to medium term, as card present fraud becomes




POS payments and e-commerce payments can also leverage, with the


ng at the same time, the smart merchant will plan to support both












EMV does a lot to improve the counterfeit card problem at the point of sale. By reducing the availability of stati

commerce and mobile commerce





commerce payments can also leverage, with the





If you're refreshing your terminal estate, buy EMV capable terminals. Spend the extra $10. Make sure


contactless EMV. Look for terminals where the contactless capability is built into the terminal



s contactless card payments and for the coming era of NFC-based transactions.


EMV terminals include PIN pads. So put those pads, and the lower cost of debit acceptance, to work.


By reducing the availability of stati





EMV provides an important part of the security infrastructure needed for





extra $10. Make sure


uilt into the terminal



based transactions.


t acceptance, to work.


By reducing the availability of static




ructure needed for



9


uilt into the terminal


ructure needed for



phone:


© 2012



phone: 1(781) 419-



Copyright Notice

External publication terms for Mercator Advisory Group information and data:

information that is to be used in advertising, press releases, or promotional materials requires prior written

approval from the appropriate Mercator Advisory Group research director. A draft of the proposed document

should accompany any suc

usage for any reason.

Copyright 201



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Copyright Notice




should accompany any suc


Copyright 2012, Mercator Advisory Group, Inc. Reproduction without written permission is completely forbidden.





Copyright Notice




should accompany any such request. Mercator Advisory Group reserves the right to deny approval of external


, Mercator Advisory Group, Inc. Reproduction without written permission is completely forbidden.


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