Quote of the Day: “EMV’s arrival in the U.S. has profound implications for issuers, merchants and the entire payments industry,”

“EMV’s arrival in the U.S. has profound implications for issuers, merchants and the entire payments industry,” said George Peabody, Mercator Advisory Group’s director of emerging technologies. “While the global EMV experience will help, the devil is in the implementation details and common U.S. approaches will be needed for a smooth EMV transition.”

EMV is the billion-dollar effort by payment companies in the U.S. to replace magnetic stripes on credit  and debit cards with tiny computer chips that are difficult for hackers to clone and steal card data and ultimately money form banks and consumers.