How banks use EMV to create competitive advantage

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By: Wise Marketer Staff |

Posted on August 26, 2005

A white paper published by French smart card specialist Welcome Real-time shows how many banks are using the transition to EMV cards and POS terminals to create a competitive advantage.

According to the white paper, 'Creating competitive advantage at the POS', the point of sale is arguably the most heavily used customer contact channel available in the retail environment.

The paper explains how the new generation of card products supporting enhanced payment features can make the moment of payment more fun and exciting for the consumer, thereby creating differentiation directly at the point of sale.

Within reason it can be argued that most payment products and technologies (with a few notable exceptions) have reached similar levels of speed, security, and consumer convenience, with little difference in customer experience.

Welcome Real-time asserts that the moment of payment is one of the very few times that a customer is holding a payment card in their hands and getting ready to use it - the rest of the time it's in their wallet and probably out of their mind.

Next battleground?
The white paper explains the ways in which the moment of payment - using EMV terminals and smart payment cards - can provide an extraordinary experience for customers, and how it could even become the next major competitive battleground for banks.

The white paper is based on the company's own experience with banks migrating to EMV, along with several surveys from consulting companies, and is available to download from the company's web site - click here (Adobe Acrobat PDF document).

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