Chris McWilton, the president of North American markets at MasterCard, said in an op-ed piece last week that the U.S. should not delay in the migration to EMV, a global payment standard designed to enhance card security.
McWilton said EMV is a standard already widely used in Europe and Asia, adding that while industry players have based their decision on EMV migration on costs versus benefits, “spreadsheets don’t consider the cost of losing the public trust, which is immeasurable,” according to CNBC.
“If the average consumer doesn’t trust the payment method they prefer to use or the merchant where they want to make a purchase, then neither financial institutions nor retailers have a sustainable business model,” McWilton said, CNBC reports.
McWilton pointed to the recent Target breach and numerous other breaches that have occurred in recent years, saying that while MasterCard’s liability shift for EMV migration is scheduled for October 2015, it could take years beyond that date to make all checkouts terminals and cards EMV-capable.
“Criminals and fraudsters will always try to steal from consumers and corporations,” McWilton said, according to CNBC. “Our job is protecting consumers and businesses against these threats when they make purchases. Of course, no financial transaction can be completely free from the risk of fraud. EMV will be that first step—a first step that will have the most impact if we move together in unison.”