EMV will significantly alter the U.S. payments industry, bringing a global standard and advanced security to the point of sale, while paving the way for innovation through mobile acceptance. Every physical point-of-payment that accepts a mag-stripe card today will be updated to include the ability to accept contact and contactless EMV chip cards and related devices (smart phone, key fob, watch, etc.).
Over the next few years, EMV will act as a springboard for the implementation of a wide-range of innovative value-added smart card and mobile commerce applications. These applications will, in turn, provide a world of exciting possibilities for consumers, merchants and financial institutions.
EMV adoption will dramatically alter the way payments are made, similar to major shifts that occurred with the migration from paper to electronic processing, and again with the introduction of e-commerce and online shopping.