Stay Informed with CUTimes   Business Case for EMV Chip: Carrot
More Compelling Than Stick  Although it has become the standard
in Europe, Asia and Latin America, there has been relatively
little interest in moving to EMV chip technology in the United
States.  Banks have heard the various arguments for the chip,
mostly those that warn what’ll happen if the U.S. payments
industry doesn’t convert, that American issuers will fall behind
Europe, or that U.S. issuers are losing out on revenue from
transactions in foreign countries because their customers’ cards
aren’t accepted by chip-enabled POS devices, or that continuing
to rely on magnetic stripe technology will leave issuers (and
soon, merchants) more and more vulnerable to fraud.    On their
own, those arguments have not been sufficiently convincing for
the industry to make the investment. So issuers are waiting to
hear a compelling business case that would justify the
approximately $5 billion to $13 billion expense of migrating to
EMV chip-enabled credit an