I do not agree with this at all, we should exercise some degree of balance:
Maybe we should have called for a ‘national’ business-case to be written – as this has not been done.
Perhaps we should have examined the global context too: USA is only one country in the world, and just about the only one that has not attempted to create the business case, and the only one where the retailers are/have been (allegedly) feeling this way. Again, the US is the ONLY developed country that has not implemented this USA designed and led initiative.
In many (most?) countries, the retail consortia / lobbying groups have driven these initiatives forward in order to make the sales process better and smoother. For instance, in most countries now, the retailer no longer even touches (or sees) the card – the customer simply dips the card – on his/her/its side of the counter, enters a PIN and removed the card and leaves with a printed receipt. Retailers have insisted on this to:
- a) Ensure that the process is speeded up
- b) To increase / improve security – by avoiding retailer ‘touched’ on the card
- c) To make the transaction fully electronic and thereby reduce chargebacks, a need for paper handling and re-handling when chargebacks and disputes occur.
There needs to be a lot better thinking before we start calling EMV the “Money Pit” for Retailers.
Author Bill Trueman is a leading payment, risk & fraud expert who provide payment fraud prevention consultancy services to card issuers and banks worldwide. For more information one can visit website at RiskSkill, and AIRFA.
For more information on EMV Chip and Pin technology, fraud, risks, pros and cons visit here.
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