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.