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EMV Readies Market for Mobile Payments

The mobile wallet market is beginning to mature.

The U.S. migration to EMV (Europay, MasterCard, and Visa) chip cards will boost mobile payments, according to Randy Vanderhoof, executive director of the EMV Migration Forum.

EMV is establishing the infrastructure for mobile payments, but widespread adoption of mobile payments will take time to gain traction in the marketplace, he says.

"Payments historically do take time to catch on," Vanderhoof says. "So we shouldn't be as concerned about the numbers at this time as we are about the number of applications coming into the market."

The mobile wallet market is beginning to mature, with the entry of players such as Apple Pay, Samsung Pay, and Android Pay, Vanderhoof says. To push mobile payment adoption along, Vanderhoof says the next logical step is issuing contactless EMV chip cards and deploying point-of-sale terminals that can accept contactless payments.

Now that the initial wave of chip cards is implemented, Vanderhoof says the discussion around contactless payment and near-field communication is "a really a good sign" because existing infrastructure accommodates contactless payments.

"I think there will be more consumers, who, once they've gotten familiar with the chip technology and inserting the card, are going to also be attracted to using a mobile phone or other means of simply tapping and paying," he adds.

(Via news.cuna.org)