Currently, most banks or card issuers and retailers consider the adoption of Europay-MasterCard-Visa (EMV) or migration to smart cards a lengthy and costly process. The high price of implementing the smart card system in comparison to legacy infrastructure such as the magnetic stripe system, has dampened the speed of migration.
Now, however, industry efforts coupled with support from the major card associations or payment organisations are poised to reduce the cost of migration. At the same time, its successful application in areas such as telecommunication and transportation have provided added impetus to the acceptance of smart cards in banking (financial and loyalty) based operations.
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