5 Things You Should Know About Wireless EMV
In the United States, credit and debit card transactions have recently experienced a change with the introduction of E.M.V. technology. E.M.V. stands for Europay, MasterCard, and Visa, so what does that tell us about the transition to E.M.V.-based transactions, and what should we know about wireless E.M.V.? Here are 5 things to get you started:
1. There’s a change in liability
From a consumer perspective, this means next to nothing. But from a company perspective, the introduction of wireless E.M.V. technology has created a bit of a stir. Stores and establishments that allow customers to swipe their cards are now liable if those cards are fraudulent. To avoid this issue, companies have had to upgrade their credit card equipment so they can use E.M.V. technology. Cashiers and other employees who handle credit card transactions may be impacted by this change, as wireless E.M.V. transactions have been said to take longer, due to authentication time, than traditional swipe-and-go methods.
2. Wireless E.M.V. is gaining momentum
On the other hand, the enhancement to credit card machines has made things like Apple Pay, the most famous of wireless E.M.V. providers, a more accessible way to pay. But wireless E.M.V. is still in its infancy: just 0.2% of all sales used wireless E.M.V. last year.
3. It’s coming for your wallet
While many of us still carry around a purse or wallet, those days are nearing an end. If all of your payments can be made wirelessly from your phone or watch, you’ll no longer need to carry around an extra accessory. Just slip your phone into your pocket and head out. (For now, you may still need your wallet for your passport, driver’s license, or other I.D.)
4. There are a few hiccups to work out
Since the technology is so new, it has been vulnerable to attacks. With wireless E.M.V., your contactless card can actually be hacked by people as they walk by. This concern has lead to low-tech protections, like RFID blocking wallets. Technically, an E.M.V. card requires contact, but contactless or wireless E.M.V. can be vulnerable to these types of attacks.
5. There’s an app for that
As wireless E.M.V. begins to take center stage, there is a demand for better, more secure apps to help customers manage their digital wallets. While Apple Pay is the most well known application for digital payment, there are a few other companies developing apps that would appeal to non-Apple device users.
As wireless E.M.V. continues to develop, you can expect to see more changes in the coming years. Just last year, swiping was the primary payment method. Over the past 12 months, nearly every major retailer has adopted wireless E.M.V. technology.