EMV compliant (Chip and PIN) based mobile solutions are going to dominate card present transaction space worldwide, and there are some global as well as domestic forces pushing things in this direction. Let us we put together some technologies and trends in card present transactions ecosystem. There are two parallel momentum talking place.
Once is technological momentum
1. Mobile technologies offering convenience with usability and widespread use by new generation
2. Chip and PIN card (EMV), Chip based debit card from Rupay
3. Fraudsters developing advanced technical patters for breaking secure systems.
The other is
1. Global Migration to EMV, specially increase in adoption of EMV in US
2. Drives by RBI and NPCI. RBI has mandated issuance of Chip and PIN based card to card issuers.
3. Big eCommerce merchants allowing COD (cash on delivery) are migrating to mobile based card payment on delivery.
4. Drives by VISA, MasterCard and other payment schemes to mandate Chip and PIN based transactions in future
So let us welcome the change with new mobile based EMV compliant (Version 4.0, level 2) secure solutions, offering more transaction success rate, less number of chargeback’s, increased sales, conveyance & reliability, and finally new challengers and game changing innovators.
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