MADISON, Wis. (1/25/16)--The U.S. migration to EMV has established the infrastructure for mobile payments, but widespread adoption will take time as mobile-payment applications gain traction in the marketplace.
That’s according to Randy Vanderhoof, executive director of the EMV Migration Forum, a cross-industry body focused on supporting EMV chip implementation technology and processes in the United States.
In an interview with Information Security Media Group, Vanderhoof the industry should be more focused on the new types of mobile-payment applications than on the number of consumers who readily adopt them.
"Payments historically do take time to catch on," Vanderhoof said. "So we shouldn't be so concerned about the numbers at this time as we are about the number of applications coming into the market."
The mobile wallet market is beginning to mature, with entry of multiple players such as Apple Pay, Samsung Pay and Android Pay, Vanderhoof said. To push mobile payment adoption along, Vanderhoof said the issuance of contactless EMV chip cards and the deployment of point-of-sale terminals that can accept contactless payments would be the next logical step.
Vanderhoof said now that the initial wave of chip cards is implemented, the discussion around contactless payment and near-field communication is “a really a good sign” because the infrastructure is in place for contactless payments.
"I think there will be more consumers, who, once they've gotten familiar with the chip technology and inserting the card, are going to also be attracted to using a mobile phone or other means of simply tapping and paying,” he added.