MasterCard’s U.S. EMV liability migration deadline for point of sale (POS) and issued cards (October 1, 2015) is fast approaching. Yet, while many financial institutions (FI) and merchants are in the midst of their upgrade plans, most U.S. consumers know little to nothing about EMV.
EMV migration is going to be an expensive endeavor for every player in the payments ecosystem — processors, card Issuers (banks and credit unions), ATM operators and merchants.
Card issuers must license application IDs and produce new plastics that will now be two to three times more expensive than mag stripe card costs. ATMs will need new hardware and software. And on top of all of this, consumers will need to be educated on the new process.