In the payment industry, EMV adoption has been on the radar for the last few years. While it has experienced wide adoption outside of the U.S., EMV has not gained much ground with merchants stateside. However, with several deadlines set-up by Visa and MasterCard over the next few years, those rates are about to pick up.
Widespread adoption of EMV is important to the payment industry. Many experts believe the chip technology could be the future of fraud prevention when it comes to using a card. The payment chain is not restricted by country borders and neither are criminals, which is why global adoption is needed for EMV to be successful.
A recent article from PYMNTS looked at the current financial burden that companies face when deciding to upgrade to an EMV system. It involves replacing hardware and software, as well as training employees on a new solution. The piece, however, also covered a newer technology that could eliminate this challenge - the cloud.
"Forward thinking manufacturers and integrators are already exploring ways in which they can reduce these costs and the cloud is quickly emerging as a viable solution," the article reads. "With this approach, the EMV Kernel – the set of functions that provide all the necessary processing logic and data to perform an EMV transaction – is hosted in a cloud-based server."
Merchants need to keep an eye on the deadlines for EMV and what the latest solutions on the market are so they can make a smart investment.