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Munich: EMV2.0, accelerating retail payment and bringing the US on board were some of the issues Smart Payment Association President, Andreas Strobel, addressed at CARTES 2012 on 8th November.

 

Focusing on the elements EMV2.0 needs to be successful as payment moves online and increasingly mobile, Strobel outlined the SPA’s vision for the standard. He called for greater industry collaboration, and highlight the technology issues and challenges that could make or break the market.

Andreas Strobel, President, SPA said: “We’re at a turning point. Consumers are demanding new ways to pay, and the vendors are responding. But without truly interoperable solutions we risk creating a fragmented market of competing technologies and business models. This will benefit no one – consumers, retailers or financial institutions.

We need to come together as an industry to drive the adoption of globally consistent payment standards that address all the technical, regulatory, security and user experience challenges we are likely to face over the coming decade. If we don’t, we’ll keep seeing false dawns, and will fail to realise the potential of truly smart payment ”

In support of CARTES activity, the SPA is announcing the availability of two whitepapers offering critical insights into the future of the payment industry.

1. PIN by SMS **NEW**

The banking industry is loosing millions of Euros through outdated and unsecure postal PIN distribution. The paper highlights the opportunities of secure PIN by SMS technology, models financial scenarios and offers best practice advice for card and PIN issuers across the banking sector.

2. Business Continuity Management in the Payment Card Industry

New analysis highlights a single failure in the cards insurance process could cost banks in excess of $9 million. The paper quantifies loss potential and offers detailed guidance into establishing a fully compliant Business Continuity Management strategy for financial institutions.