Whether on a card or a handset, payments will be more secure
Like two trains speeding toward one another in the dead of night, EMV and near field communication seem poised for a collision in the U.S.
Rapid fire NFC announcements occur daily and reports that two major U.S. banks will begin issuing EMV cards to frequent overseas travelers suggest it is only a matter of time before the two technologies meet.
But will it be a collision or a meld? Most likely any type of NFC payment transaction will be as secure, if not more so, than a traditional EMV transaction. “EMV works better on a phone than it does in a card,” said Dave Birch, director at UK-based Consult Hyperion at the Smart Card Alliance Annual Conference held in May.
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Very good report. It really clarify some misconception.
Great article.
I wish it had spent a bit more time on the real issue. Yes the terminal software must be upgraded to enhance the dialogue between the Phone and the terminal.
More importantly the network that connects the terminal to the Acquirer needs to be upgraded to carry the additional EMV Data or as some call it Dynaic Data used to assure the authenticity of the phone, card and cardholder.
Yes software in the terminal too. More over major software changes in the Merchant and Acquiring systems. As the technical people will apprecate the addition of Field/Bit 55 in the authorization and clearing messages.
No one has really brought up the ATM aspect of this technology as Philip indicates. In my opinion EMV and NFC have to be both migrated over at the same time or the POS machines will have to be upgraded again when NFC comes to market as the first choice of payment.
Diebold should be making their current ATM's modular so that an NFC piece can be retrofitted to work if it comes to that.