News & Views - Savantor

“One World” Card Payments

Friday, 09 October 2015
In October, Vinod Khosla raised a few eyebrows with the reports of his keynote at the Money 20/20 conference, stating "EMV will be irrelevant in 3-5 years". He attributes this to the unrelenting advancement of NFC-based technologies that can do a similar job. "Irrelevant" is an odd word to use in this context. EMV has put in place a security model that, if fully and appropriately deployed, delivers verification of the payment instrument, its issuing institution and its authorised holder. It has established a standard across many countries and regions around the world and provides a platform on which to extend security beyond card-present scenarios. The US is not a special case in the world – payment and security needs are the same in the US as anywhere else. Yes, the capabilities of EMV can be delivered through other means (the workings and features of EMV are hardly a secret) but in the interests of growing a global payment infrastructure that is as secure abroad as it is at home, for everyone, the US adoption of EMV has improved the outlook for cardholders both in the US and elsewhere in the world. Deployment of EMV is not a painless task but, whilst newer, more "advanced" alternatives may exist, only EMV really offers the potential to create a proven, single solution across multiple markets in the foreseeable future.
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