EMV Tap IT
Future of EMV will Card dipping Be The Only Option?
No! EMV cards can also support contact less card reading, also known as near field communication. Instead of dipping or swiping, NFC-equipped cards are tapped against a terminal scanner that can pick up the card data from the embedded computer chip.
“Contact less transactions are more consumer-friendly because you just have to tap,” said Martin Ferenczi, president of Oberthur Technologies, the leading global EMV product and service provider. “Around the world, there is a move to make EMV cards dual-interface, which means contact and contact less. However, in the U.S., most financial instructions are issuing contact cards.”
Dual-interface cards and the equipment needed to scan them are expensive. Right now, the first step is to successfully integrate EMV cards into the U.S. shopping scene. Dual interface will arrive later, although they are in production and rolling out slowly now, according to Ferenczi.
“Dual-interface cards, which in 2016 represented less than 5 percent of total EMV cards in the U.S., will have significant growth in 2017,” Ferenczi said. “Issuers want to offer their cardholders the added level of speed and convenience provided by tapping.”
OT’s card products benefit issuers by:
- Strengthening their image and enhancing brand loyalty.
- Addressing new customer segments
- Generating new revenue streams
- Building up relationships with key partners
- Providing secure and constant supply with global multi-sourcing strategy (chips and antennas)
Benefits CARD HOLDERS
OT’s card products benefit cardholders by:
- Adapting to cardholder’s lifestyle by enabling quick and convenient transactions.
- Customizing unique tailor-made payment card with personalized applications.
- Owning state-of-art products resistant to the latest attacks in the industry
- Entering into the high market penetration of EMV deployment around the world.