The Grand America Hotel was a hub of activity in February, as over 600 executives came together for the annual Summit. This video walk-through includes the industry perspectives of several leaders in attendance. Find out why Payments Summit is the place to learn about “Payments at a Higher Level.”
The US is the world’s largest payments ecosystem, and the migration to EMV–the global transaction security standard—is in full swing. Yet, for many banks, credit unions, issuers and merchants there’s still a frustrating lack of clarity. They know the standards are coming, but the exact form is unclear, and the cost of conversion is daunting for many.
The NFC payments market has been rocked by ApplePay. Card networks, telecoms and handset manufacturers are touting a wide range of mobile wallet solutions in a very fragmented market. There is no ubiquitous model, conversions are slow, and stakeholders are engaging multiple strategies. Some applications are challenging the secure element-centric NFC model, with the potential to upend the entire industry.
Through its Transportation Council, the Smart Card Alliance has championed the use of open standards-based contactless bank card and mobile payments in public transportation. Many Council participants have implemented these technologies including Chicago, Philadelphia, The San Francisco Bay Area, Washington DC, New York City, Toronto, and Dallas.