The Bankwatch

Tracking the consumer evolution of financial services

Cheques, Miles, Gallons and mag stripes – US just left behind by North Korea as the last non EMV (Chip) card country

I just love this paragraph from Bretts latest post over at Finextra.  It says so much at so many levels about America.

USA – world’s largest closed loop payments system?

Last year Celent reported that fully two thirds of cheques written globally are still written in the United States. At a time when the world is accelerating towards faster payments, the US has been reinforcing Check21 and propping up a system that was popularized in the 1950s. When put to a vote recently the US banking community voted down the Expedited Processing and Settlement (EPS) initiative at NACHA which would have given real-time ACH payments a chance in the US. As of Q1 2012, the only countries not to have adopted the EMV standard for cards payments were the United States and North Korea. In Q4 of 2012, North Korea adopted the EMV standard leaving the US as the sole remaining holdout, with the debate on EMV rollout for a 2015 timeframe still raging. This is not a globally progressive payments infrastructure.

This is especially appropos as we watch the US self destruct in a government system designed a mere 300 years ago to protect themselves from the mistakes of the Brits but more and more looking impotent.

I love America but what is it about the country that everything has to be self centric and their (old) way.  Cheques, Miles, Gallons and mag stripes … hmmmm

Written by Colin Henderson

October 8, 2013 at 00:07

Posted in Uncategorized

%d bloggers like this: