The Rest of the World is Way Ahead of us

Posted by wadmin on Thursday, October 22, 2015

Stonebridge Mortgage Group_The rest of the world is way ahead of us

The rest of the world is way ahead of the United State in terms of the technology used for processing credit card transactions. In the USA, we suffer from credit/debit card fraud at an alarmingly higher rate compared to other countries. The worst part is the solution was discovered decades ago and simply not implemented in the United States.  Replacing that magnetic strip on credit cards with a tiny computer chip that is capable of authenticating itself without supplying enough information for a criminal to steal is a necessity.

The global standard for doing this is called EMV, after the Europay, MasterCard, and Visa networks that developed it. The EMV standard was developed in the early 1990s, and most of the developed world has been using the technology for years. In Europe, chip-based credit card transactions accounted for 96 percent of transactions in late 2014, compared with less than 1 percent in the United States. Latin America, Asia, and even Africa are ahead of the US in adopting the technology.

Learn more about the Global Standard EMV at: ww.vox.com/2015/9/29/9415325/emv-credit-debit

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