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| By 2005, all of Europe will have gradually migrated
to the smart bank card. |
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Claude Brun,
Vice President of the EPC. |
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"Used by 62% of Europeans, the bankcard is seeking confirmation
as the preferred means of payment in the euro zone. It will, therefore,
have to be accepted in the same way everywhere", declared Claude
Brun, Vice President of the European Payment Council (EPC). By developing
the interoperability of electronic payment systems, and by increasing
security, the application of the EMV standard Europewide represents
a decisive step in the European unification of methods of payment.
Established in June 2002, the European Payment Council has boosted
the number of initiatives in favour of the switch to EMV. For Claude
Brun, "the recommendations adopted in June 2003 are a major step
forward as they represent formal acceptance by the banks for card
transactions in Europe to now be made in 'EMV CHIP & PIN' mode,
as the EMV chip is associated with the PIN. Tomorrow, thanks to EMV,
it will be possible to use a bankcard to pay for purchases or withdraw
euros anywhere in Europe with the same level of security and ease
of use." The additional authentication functions within the chip
will also provide banks and retailers with a greater level of protection. |
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