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Written by: John Adams
The reluctance of the U.S. payments market to adopt the EMV chip and PIN payments standards has been under a lot of pressure, given the security-threatening isolation this avoidance may bring about. As a result, EMV-type chips are percolating domestically, such as VeriFone and Gemalto’s planned push of solutions.
The two firms will jointly offer EMV-compliant point of sale card technology to banks, retailers and card networks. While EMV standards has been widely adopted in Europe, adoption has lagged in the U.S. over concerns about the cost of retrofitting payments systems and processing.
That reluctance has already caused problems for U.S. travelers whose mag stripe cards are denied overseas, and large retailers such as Wal-Mart have called for EMV to be adopted in the U.S. Other firms, such as Travelex, are offering hybrid mag stripe/chip and PIN cards for travelers.
VeriFone and Gemalto’s partnership includes the development of EMV chip cards, as well as the transfer of Gemalto’s POS solutions to VeriFone and Gemalto becoming the preferred supplier of Machine to Machine wireless products for VeriFone’s payment systems.
VeriFone has also upped its presence in the PCI compliance game, recently partnering with RSA to market point to point encryption and tokenization as an integrated payment security offering.