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The smart card revolution – is the market ready for EMV?

The smart card revolution – is the market ready for EMV?

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While more than 80% of banks view migration to the Europay, MasterCard, Visa (EMV) standard for smart cards as an ongoing or high priority, budgetary and technical worries remain a key concern, according to market research conducted by Finextra on behalf of Level Four.

The implementation of EMV with associated smart card issuance will mean a major overhaul of systems within financial institutions. New hardware and software will have to be integrated with existing systems so that all the processes converge together. The report highlights some of the key issues involved and the progress banks are making to adopt the standard.
For the research, Finextra canvassed the views of 38 individuals from European and Middle East banks. Each individual has direct responsibilities for part, or the entire ATM network, of their respective banks. Two-thirds are in charge of 251-500 ATMs, one-third is responsible for 501-5,000 ATMs and one executive manages over 10,000 ATMs. In some circumstances these individuals are also responsible for their bank’s point of sale (POS) terminals. In addition to the individuals surveyed, five one-to-one interviews were conducted with payments organisations and systems integrators in Europe and the Middle East.
All data and graphs published within this report are based on Finextra’s research.

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