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MasterCard reveals roadmap for our electronic payment future: EMV in, magnetic strips out
It's been over fifteen years since MasterCard, Visa and Europay developed EMV technology to make your credit cards more secure, but it has yet to really catch on here in the US. However, MasterCard has created a master plan to help usher in the EMV era and sound the death knell for the magnetic strip. Why? The EMV infrastructure is far more fraud-resistant because each transaction is authenticated dynamically using cryptographic algorithms and a user-specific PIN. That's why MasterCard plans to help build out the EMV POS infrastructure by April of next year and have its secure e-payment system functioning at ATMs, online and with its myriad mobile payment options as well. For now, the nuts and bolts of how the credit card firm plans to bring its plan to fruition are few, but more details will be forthcoming, and there's a bit more info at the source and PR below.
