For instance, taking card payments once again, while on the one hand Europe has the EMV standard already implemented, USA is still continuing with Magstripe. So where does this leave other emerging countries such as India? We are striving to move towards EMV but are aware that Magstripe cards will be around for some time.
Though we have strengthened our card transactions domestically  BIS central bankers’ speeches  3  using 2FA with Magstripe cards, there are still jurisdictions where magstripe is still in vogue but without 2FA requirements. Hence, such arbitrage opportunities need to be addressed by adopting minimum common security standards. 15.