The EMV standard, an initiative started by payment networks Europay, MasterCard and Visa, is the reason that your credit and debit cards have security chips on them. Until a similar standard is reached for smartphone enabled payments, this stands as the largest innovation in non-cash payments on a mass consumer level.
Even though EMV chip cards have been around for many years, and people have been inserting instead of swiping for most everyday payments, EMV still brings with it s number of unknowns. Though the key benefits of EMV chip cards are generally considered to be increased security and the ability to run multiple applications from one card (combination Visa/bank cards are a common example), there are still a number of unknowns surrounding ROI and increased production costs that are keeping issuers skeptical.
Today at Money2020 in Las Vegas, Arroweye Solutions announced its new EMV On-Demand program, targeted specifically to provide a more effective strategy in manufacturing and personalizing these cards so that EMV standards are met with the best possible control over the previously stated unknowns.
Arroweye Solutions CEO Render Dahiya speaks to these unknowns: “From increased production costs to uncertainty about overall return on investment, it’s no surprise issuers are apprehensive about transitioning their programs. EMV On-Demand enables financial institutions to control costs when testing select EMV card programs, without losing program flexibility or speed to market.”
EMV On-Demand is open-source, supports online and offline authentication and other verification methods, making full use of the user end flexibility that lies in the chip card standard. It doesn’t require inventory management and can launch EMV fulfillment programs within days, promising to take out the uncertainty factors while increasing brand relevance for issuers.
Money2020 runs through to October 10, and Arroweye will be manning booth 609, showcasing EMV On-Demand. findBIOMETRICS president Peter O’Neill is at the conference and Mobile ID World will be bringing the relevant mCommerce news to you straight from Vegas.