As EMV card shipments increase, ATMs stay relevant
Banks and credit unions need ways to stay on top of the latest ATM technology and can do so by purchasing EMV-compliant ATMs. According to Bank News, EMV payment card shipments have peaked in 2016 with nearly 600 million units circulating the U.S. today. For years, EMV, or chip-and-pin cards, have reigned prominently in the United Kingdom and have been used throughout Europe to increase safety and limit theft. After much regulation, the U.S. passed legislation that all stores and retailers must be EMV-compliant by October 2015. If stores are not compliant, they will be held accountable for fraudulent charges and will face the fines that go along with them. With the advent of EMV technologies, ATMs must adapt to new changes and take charge in the ever-changing world of bank technology.
What is EMV compliance?
According to Nerd Wallet, EMV compliance is something that not all businesses are prepared for. In September of 2015, only 22 percent of small businesses were prepared for the EMV shift. For banks, this means that another EMV compliance deadline must be set in place. According to the Credit Union Times, banks and credit unions must have EMV-compliant ATMs by October 2016. This means that older machines and models may have to be redistributed to small retailers or abandoned all together. For credit unions and banks, the eventual shift to EMV-compliant technology will be similar to the phasing out of swipe machines. No longer will consumers has to sit while a teller pushes the card reader over a card to make imprints. Instead, ATMs of today will feature advanced technology that banks and credit unions can help emphasize and advertise.
How will ATMs evolve?
Over time, ATMs have adapted to new technology and will continue to do so with the advent of EMV chip cards. It is expected in 2016 that near-field communication receptors will be available in many ATMs so consumers will be able to access from digital accounts. Many ATMs are also entirely touchscreen-ready with added security measures to make sure that no ATM is at risk.
ATMs with compliant technology make great additions to any bank or credit union. They are helpful to both consumers and establishments because money is available at any time. With these new technologies, ATMs are sure to stay relevant in American minds.
March 9, 2016