Despite the headaches and hoops, banks that recognize and adapt to EMV as a new normal can win in the marketplace.
The U.S. card industry’s move to EMV technology to combat fraud will likely accelerate because of recent data breaches, say BAI Payments Connect 2014 panelists.
Economic pressures and government regulation have accelerated the use of debit over credit cards during the last two years, according to a BAI Research/Hitachi Consulting study.
With consumer loan demand anemic, banks need to focus on deeper relationships, says consultant Bill Handel.
While the popularity of general-purpose reloadable prepaid cards is growing at a fast clip, banks need to weigh the pros and cons of offering them.