The future of digital payments is being created now with the adoption of contactless payments, new digital transactions such as buy online, pick up in store, and reduced friction within the payments ecosystem. That’s the assessment in the “Future-Proof Payments: From the EMV Chip to a Fully Digital Future” report released by Aite Group LLC.
The report, prepared for the Electric Vehicle Charging Association, a Sacramento, Calif.-based nonprofit, lays out how EMV chip cards, introduced widely beginning in 2015, followed by new point-of-sale terminals equipped to accept chip cards and near-field communication (NFC) contactless payments, formed critical parts of the payments infrastructure.