Wednesday, December 1, 2010
The Merchant Advisory Group recently devised a set of recommendations to influence the evolution of the U.S. payment system. The policy and technology suggestions will be submitted to "stakeholder groups in the payments business to help them understand merchant needs and preferences transitioning to more secure and efficient transacting – especially with mobile devices," MAG said in a statement.
"It's been widely recognized that leadership is needed to help this country migrate to a better payment system," said Dodd Roberts, MAG's President and Chief Executive Officer. "We hope and intend that this document will help other stakeholders in the payments ecosystem understand the merchant position, and will accelerate progress in specifying and justifying the emerging new payments infrastructure."
The recommendations propose that investments be channeled to the "configuration anticipated to be the preferred payments embodiment in the future—incorporation of 'smart card' types of computer chips conveying secure account credentials by contactless transmission to a new generation of POS terminals equipped to identify those devices and securely enter PINs as well."
MAG also endorses a national move to Europay, MasterCard and Visa, the global standard for contactless cards offering chip & PIN capability.
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