Payment standards

The payment protocol, years in the making, includes more information for transactions, aiding real-time processing, international commerce, risk management and overall accuracy. But it also requires a lot of work.

Shortcomings in security testing and monitoring of clients could also trip up payment industry players who need to meet new requirements by 2025.

The standards body's new guidance would prevent vendors from managing multiple protocols in different countries.

The card network plans to start removing stripes on cards in three years and will eliminate them entirely by 2033. That is expected to be enough time for most merchants to adjust, but gas station operators worry they won't be ready when the transition begins.

The technology holds great promise for financial services, but it could be just as powerful for scammers looking to break payment card encryption. Visa, Mastercard and others are already building new defenses.

The EMV specifications technology body has revised its requirements to ensure a consistent payment experience for cards, smartphones and wearables.

Banks may need to be more selective about how they issue plastic, so that cards remain available to those customers who need them most.

There are too many security, usability and reliability risks for QR codes to be the main driver of transit payment. NFC is likely better, says Carlypso Networks' Philippe Vappereau.

The debate over whether NFC or QR codes is the best technology to adopt persists. So far, there has been plenty of room for both.