Legal Seminar, Denver, CO
What’s Not to Like?
• Security and reliability. – Breach costs growing. – Security risks present contingent liabilities in e‐ payments that differ from cash. • Cyberinsurance coverage growing. • But fines from Card Brands likely not covered. – EMV implementation likely drives fraud online, away from card‐present environments – When systems go down, business stops; cash keeps going (but can you get access to it if the ATM network is also down?)
What’s Not to Like?
• Speed and convenience. – EMV has slowed the transaction process. – Compensate by eliminating signatures? – Mobile is often faster (Apple, Google Pay) – Can we be even faster? Consumers and Merchants share an interest in speed. – More innumeracy means better outcomes for merchants if clerks don’t have to make change.
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