There’s a Chip on My Card

by MEI Vending Marketing Manager
MEI Vending Marketing Manager
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on September 27, 2013 in Cashless | 0 Comments

Guess what came in the mail for MEI associates who work at our United States corporate headquarters this week? New American Express® corporate credit cards arrived with little shiny silver rectangles on the end of them, better known as EMV chip cards!

(For a refresher of what EMV is and what it means for the future of cashless, refer back to this August 2013 blog post)

Truth be told, we inquired with AMEX earlier this year about the possibility of their issuance when we saw the expiration dates were approaching on our current cards.  If we received new corporate cards with a chip, we could infer that EMV is in fact on its way to the US.  The new cards would and do have expiration dates well beyond 2015, when the liability shift for merchants is slated to be in place and EMV cards will be the catalyst for more secure payment.

Being that we’re in the business of payment, when the cards arrived those of us who interact with payment  technology as a part of our daily work, (i.e. marketing, sales, engineering, product management, technical support, perhaps not so much for say Finance and HR) we were quite interested.  It was great to see a new type of payment literally arrive in the US and to know that now when travelling around the world on business these cards will protect our data with the utmost security.

For those of us in the Vending channel who engage in daily conversations about the cashless landscape, the arrival of these new cards was significant because they shed some small but indicative light about the likely future of EMV in the United States.

If you happen to stay current with the buzz on payment trends you hear everything from ‘EMV standards will begin their squeeze on merchants as soon as October 2015, so POS hardware replacement needs to happen NOW’ to ‘EMV will never take shape because mobile based payments will instead become the standard.’

The way we see it  today is when one of the most popular global card brands issues EMV chip cards to US corporate card holders all signs seem to point to an EMV future here.

Or does it?

Maybe it’s just more of a convenience factor for corporate card holders who tend to be more global travelers?

Either way, MEI, as a global leader in the payment industry, has EMV on the roadmap. We have already researched the standards, developed EMV ready technology for the vending market and received the certifications required for markets like Australia, Europe and Canada, where these cards are already the norm.  When or if, depending what camp you side with, EMV comes to the States, operators can rest assured that MEI will leverage our leadership and experience in this space for the US market.

Tell us! Have you received an EMV chip card from your bank or credit card company already!?