Complex processes and lengthy lead times common for switch to chip and PIN credit, debit, and other payments cards.
In light of the frequent recent data breaches that occur in the United States, President Obama has called on government entities to deploy enhanced security measures for payment cards – specifically using microchips, also known as EMV cards or “smart cards,” in lieu of magnetic strips.
The White House said that “with over 100 million Americans falling victim to data breaches over the last year, and millions suffering from credit card fraud and identity crimes, there is a need to act.” The executive order, which was signed Friday, will add chips and PINs to government credit, debit, and other payment cards beginning as soon as January.
“The transition to EMV is inherently complex, but the process doesn’t have to be painful,” says Arroweye Solutions CEO Render Dahiya. “Federal agencies must act quickly to begin the transition, and ensure they work with network-certified EMV specialists to bring cards to market quickly and in the most cost-effective manner. The quickest, most secure and efficient way to do this is through an on-demand EMV solution.”
While the EMV Migration Forum predicts that the first 120 million EMV, or “chip-enabled” cards will be in circulation in the US by the end of this year, most of those will use chip + signature technology, rather than chip + PIN.
Mr. Dahiya is available for comment and to provide background on the EMV card production process including:
• How to navigate the complexity of setting up an EMV program
• Understanding the primary manufacturing and set up providers and the process
• Benefits of speed and tracking with an on-demand solution
• Card technology options and how to maintain flexibility
• Understanding the costs of EMV from planning and production to inventory and materials
###
About Arroweye
Arroweye is a leading payment technology provider of innovative card marketing and production solutions for the financial industry. The company’s patented digital on-demand technology is the most efficient and profitable model for card marketers and issuers to bring highly customized programs to market. Founded in 2000, Arroweye offers the first fully-digital card solution approved by Visa, MasterCard, American Express and Discover. The company delivers EMV, hybrid and traditional card technology to some of the largest prepaid, credit and debit card programs around the world. For more information, visit www.arroweye.com.
