As the smartphone wars rage on, it appears that Android has an insurmountable lead. Google-enabled mobile devices enjoy 53 percent market share, compared to only 31 percent for iPhones. And as recently as Q3 2013, nearly 81 percent of all shipped mobile devices used the Android platform.
From online commerce to retail shopping to Wall Street, the U.S. is accustomed to being the world’s financial leader. But when it comes to EMV technology, we’re the latecomers to the party.
Short for Europay, MasterCard and Visa, EMV chip-enabled credit cards (“smart cards”) have already become the standard worldwide, championed for their fraud protection and security features. However, despite being nearly 20 years old, EMV technology has barely touched American soil.
The EMV credit card is one of the best payment technologies that most Americans have never heard of. Because of their embedded security chips, these credit cards are very difficult to clone. Whether using chip & signature or chip & PIN EMVs, the cards must physically be present when customers are making a purchase.
Because of these extra security features, EMV credit cards are already standard in most major retail markets around the world. But the majority of American shoppers and merchants have yet to embrace this 20-year-old technology:
EMV credit cards help make retail shopping more secure. Each card comes with an embedded chip that assigns a unique transaction ID to every purchase. Customers must also either sign their name or enter a personal identification number (PIN) in order to successfully authorize each transaction.
However, these extra security features aren't really applicable when shopping online. With most e-purchases, anonymous customers simply provide their: