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The Grand America Hotel was a hub of activity in February of 2014, 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— has now begun in earnest. Yet, for many banks, credit unions, issuers and merchants there’s still a frustrating lack of clarity. They know EMV chip cards and mobile NFC payments are coming but the exact way they will be implemented and timing is unclear, and the cost of conversion is daunting for many.
NFC-enabled payments are starting to take shape as card networks, telecoms and handset manufacturers target the market with mobile wallet solutions. But no ubiquitous model for all merchants and issuers has emerged, impacting interoperability, slowing conversion and requiring stakeholders engage in multiple strategies. And some applications have the potential to upend the entire industry, by challenging the traditional secure element-centric NFC wallet model.
Many consider transit ridership to be the “killer app” in expanding the use of open standards-based contactless bank card and mobile payments. Major transit operators have active open-loop fare payments and mobile ticketing projects underway or in the planning stages including Chicago, Philadelphia, Washington DC, New York City, Toronto, and Dallas.