Press releases

U.S. Card Issuers to Recoup EMV Investment Within One Year

09 September 2010 (Rotterdam, The Netherlands) - A study released by Bell ID today argues that the U.S. payments industry could recover the cost of migrating from magnetic stripe to EMV chip cards within one year.

The industry white paper, "Six Myths Preventing EMV Migration in the U.S." by Bell ID, discusses the current U.S. card payments industry and demonstrates how the $6.8 billion of annual U.S. magnetic stripe card fraud more than justifies investment in EMV.

The conclusion of this detailed study is that EMV adoption in the U.S. is not only inevitable, but has in many ways already started. Recommendations are made as to an approach for the national deployment of EMV, whilst maintaining the current market status quo, and how to achieve a win-win-win-win situation for all participants in the payment chain.

The white paper is available for download at http://www.bellid.com.

About EMV

EMV, the global standard in chip payment technology, was introduced by the leading payment systems in 1995 to combat the exponential rise in card fraud at an industry level and to help banks reduce fraud losses. It has already replaced magnetic stripe cards in 60 countries worldwide. The U.S. is the only member of the G20 not to have adopted EMV.

About Bell ID

Bell ID supports many leading international banks and financial institutions as they phase their migration from magnetic stripe to chip technology in order to provide more secure and enhanced applications, such as debit / credit, electronic purse and loyalty. Bell ID's technology addresses such features as mass issuance, data preparation, cryptographic key management, EMV parameter management, EMV issuer script delivery, branch / instant issuance, static and dynamic multi-application management, and post-issuance personalisation. For more information, please visit http://www.bellid.com/.

The six most commonly cited "reasons" for the U.S. failing to embrace EMV are exposed as myths created by inaccurate media reporting and a lack of underlying EMV knowledge. Each individual myth is systematically debased by identifying the causes and by separating the effects from the symptoms, supported by industry statistics and financials as needed.

For more information contact: This email address is being protected from spambots. You need JavaScript enabled to view it.