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Payments summit presents on EMV and NFC payment technology

15/02/2012 - By

At the 2012 Smart Card Alliance Payments Summit, industry leaders came together to discuss EMV and NFC payment technology.

Tag: Merchant Account

At the Smart Card Alliance 2012 Payments Summit, experts and innovators presented information on their current industries and offered insights about the future deployment of retail technology. In particular, the 500 representatives from the payments, mobile and transit industries came together to discuss advances in EMV chip card technology and near field communications (NFC) mobile payments.

Wells Fargo has already issued 15,000 EMV chip cards to customers who are traveling internationally. Silicon Valley Bank has deployed cards to customers that have used them in at least 39 countries. UNFCU's assistant vice president, Merrill Halpen, said that since cards have been issued, usage is up 30 percent and reports of fraud are down 30 percent.

Industry leaders in mobile commerce discussed key issues, including security solutions that could authenticate sales made with mobile devices, the likelihood of consumer adoption of the new payment method and plans for implementation.

Transit authorities revealed strategies for new fare payment systems that will be able to process mobile technology at credit card terminals. The Port Authority Transit Corporation (PATCO) that runs between New Jersey and Pennsylvania reported that they plan to accept mobile payment processing with contactless cards as soon as March. 

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