EMV has been implemented around the globe, but the US is lagging behind. Fear of high costs, uncertainty about chip specifications and cardholder verification methods, and intimidating regulatory requirements have all meant that many organizations have been slow to take on the challenge of implementing EMV, even though new regulations say they must, and the National Retail Federation says it is the only secure standard. The cost of the transition to EMV is estimated to be $8 billion, and that number, while staggering, is causing some retailers to stop dead in their tracks when it comes to implementation.
Smaller banks appear to have other priorities than issuing smart cards to customers. After October 1, 2015, liability for fraudulent transactions at the point of sale will pass to the party that has not updated to the EMV (Europay-MasterCard-Visa) global standard.
Arroweye Solutions, a leading card marketing and production firm, has been selected by Obsidian to produce private-label, open-loop prepaid cards for its Local First Card program, which encourages consumers to shop local in their home community. Obsidian will leverage Arroweye’s patented, Digital On-Demand card production platform to produce highly-customized cards and materials and put personalized cards in customers’ hands in as little as 48 hours.