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EMV Migration in Canada: Opportunities & Challenges, 2007
Technology Strategies International, February 2007, Pages: 115
EMV Migration in Canada: Opportunities and Challenges, 2007, is the most comprehensive and authoritative independent strategic analysis and forecast available on the Canadian EMV migration program. It includes a detailed analysis of the Canadian payments landscape and establishes the payment context in which EMV migration will take place. The 115 page report analyses the most important opportunities and threats facing EMV migration in Canada, and identifies the key challenges that will need to be addressed by issuers, acquirers and different classes of merchants for migration to be successful. Detailed forecasts are presented for the migration of credit and debit cards, POS terminals, ABMs and automatic fuel dispensers to EMV. Based on interviews with more than 55 key executives in the industry, as well as extensive secondary research, this detailed report is an essential reference document for organizations both within Canada and around the world involved in planning, implementing, or supplying goods or services to EMV migration programs.
Why buy this report?
Subscribers to this study will gain an understanding of the dynamics of the complex EMV migration process, its impact on different types of participant, from consumer, to merchant, to card issuer, to acquirer, and how different issuer choices impact on EMV migration costs and influence the future direction of the market. They will have essential information on the needs of different categories of stakeholder in the migration process, on market prospects and opportunities arising from EMV migration, important trends, key drivers and critical issues affecting migration. Subscribers will be able to make well-founded, research-based, strategic decisions about the planning and implementation of successful EMV migration programs.
Who should buy this report?
This report is essential reading for senior executives from the following types of organizations:
-Card issuers, acquirers, integrated merchants, small retailers, ISOs, payment organizations and any other organizations that are likely to be affected by the Canadian EMV migration program. They will have an authoritative, independent and unbiased view of EMV migration in Canada that will assist them in their EMV migration planning and implementation
-Suppliers of smart cards, point-of-sale terminals and card acceptance devices, ABMs and automatic fuel dispensers, NFC devices, software and middleware that are keen to succeed in the Canadian marketplace
-Professional services and consulting firms that are able to leverage their international experience base in EMV migration through providing services to the lucrative Canadian market, a market that is suffering from a severe skills shortage for the implementation of EMV
-Policy makers, financial institutions and suppliers from other countries and jurisdictions that are considering, planning or implementing EMV. They will have access to well-founded, independent comparative information that will inform their own thinking about EMV migration
Research Methodology
The report is based on interviews with 56 key-decision-makers and experts from Canada and globally, supported by extensive desk research, TSI's own internal databases on the Canadian and global smart card markets, and expert analyst insight.
Number of Interviews by Sector
Financial Services 20
Retail 15
Suppliers 6
Associations, Consultants and Industry Experts 5
International Experts 5
Other 5
TOTAL 56
EXECUTIVE SUMMARY
INTRODUCTION
Objectives of the Study
Research Methodology
A Note on Forecasts
Currency
Acknowledgements
THE EVOLUTION OF PAYMENTS IN CANADA
Introduction
The Payments Landscape in Canada
Cash Payments
Debit Card Payments
Credit Card Payments
Cheques
Online Payments
Canadian Payments in Perspective
THE HISTORY OF CHIP CARDS IN PAYMENT SYSTEMS IN CANADA
Stored-value Cards
The Mondex Guelph Pilot
The Exact Pilot in Kingston
The VisaCash Barrie Pilot
The Mondex Coup
Mid-Course Correction
The Mondex Sherbrooke Pilot
Dexit
IMVCCP
CCMP
EMV MIGRATION
EMV Overview
CCD and CPA
Processes in a Typical EMV Transaction
SDA, DDA and CDA
Cardholder Verification
THE CASE FOR EMV MIGRATION IN CANADA
Fraud as a Key Driver
Credit Card Fraud
Debit Card Fraud
Securing and Modernizing the Payments System
Keeping up with International Developments
Multi-application Cards and Future Functionality
EMV Migration Challenges
Issuers
Acquirers
Merchants
Merchants Views on EMV Migration
Terminal Infrastructure
POS
ABMs
Automatic Fuel Dispensers
The Impact on Consumers
IMPLEMENTING EMV IN CANADA
Overview
Timelines for EMV Migration
The Kitchener-Waterloo Trial
Assessing the Investment Required
Migration Window
Wireless Payments
Migration Forecast
The Supply Structure
The Payment Systems Value Chain
List of Figures
Canadian Retail Sales by Sector (2005)
Average Annual Growth in Retail Sales by Sector (2001 - 2005)
Canadian Banknotes and Coin in Circulation
Number of ABMs in Canada by Type
Volume and Value of Cash Withdrawals at ABMs in Canada
Cash-based Retail Payment Transaction Volumes in Canada
Annual Volume and Value of Interac Direct payment Transactions
Debit Card Payment Transactions by Sector
Share of Number of Transactions at Retail Outlets (1996 - 2005)
Share of Transaction Values at Retail Outlets (1996 - 2005)
Number of Visa and MasterCard Credit Cards Issued in Canada
Net Retail Dollar Volume and Transaction Volumes (Visa & MasterCard)
Relative Shares of Visa and MasterCard in Canada
Number of Merchant Outlets Accepting Visa and MasterCard
Volume and Value of Cheques Cleared through the ACSS in Canada
Share of Personal Consumption Expenditure (PCE) by Payment Type in Canada
Payment Transaction on PCE by Payment Instrument
Consumer Preferences for Payment Method
EMV Transaction Flow
Credit Card Fraud in Canada
Credit Card as a Percentage of Retail and Cash Advance Dollar Volumes
Breakdown of Credit Card Fraud by Type (2005)
Credit and Debit Card Fraud in Canada
Forecast Number of Credit Cards in Circulation in Canada
Forecast of Credit Cards Issued Annually in Canada by Type
Forecast Number of Debit Cards in Circulation in Canada
Forecast of Debit Cards Issued Annually in Canada by Type
Forecast of EMV Cards Issued Annually in Canada
Forecast of Installed Base of POS Terminal in Canada
ABM EMV Migration Forecast in Canada
Interlinked Value Chains: Payments
List of Tables
Number of Interviews by Sector
Debit Card payments by Retail and Business Sector
Primary Issuers of Visa and MasterCard in Canada
Key Features of the Mondex Guelph Pilot
Key Features of the Exact Kingston Pilot
Key Features of the VisaCash Barrie Pilot
Key Features of the Mondex Sherbrooke Pilot
EMV 4.1 Structure (EMV 2000)
EMV Compliance Assessment in Europe (mid-2006)
Summary of Merchants' Perspectives on EMV Migration 78-
Key Features of Payment Organization EMV Migration Policies in Canada
Interac's EMV Migration Targets
Visa's Liability Shift
Attributes that make Kitchener-Waterloo an Attractive Trial Location
Number of Retail and Service Establishments by Sector
Canadian EMV Investment Requirements
- The investment required to migrate to EMV will exceed $1 billion
- By 2010, the date set by Visa Canada for the liability shift between issuers and acquirers in Canada, only 36% of all credit cards in Canada will have migrated to EMV-compliant smart cards
- The number of payment cards in Canada will exceed 132 million units by 2011 (including smart cards and magstripe cards)
- There are a number of important opportunities for convergence with EMV-based payment applications emerging on the Canadian market, most notably in the areas of transit and loyalty
- There is significant potential for credit card payments to be displaced by debit card payments as a result of the introduction of chip and PIN payments in Canada
- Most retailers have not been engaged in the EMV migration planning process and are likely to resist migration when the cost and business process implications of migration become clearer to them
- Petroleum product retailers will have to incur substantial costs in order to upgrade their automatic fuel dispensers to accept chip and PIN debit and credit card payments
- The introduction of chip and PIN for credit cards will have some significant implications for consumers and is likely to reduce the number of payment options that consumers use on a regular basis
- White-label ABM owners will have to incur substantial costs in order to upgrade their equipment to accept EMV-compliant payment or banking cards.
- EMV migration will be slower than anticipated because of the numerous challenges facing issuers, acquirers, merchants and white-label ABM owners
- Wireless payments is an important growth area that may overtake the planned rollout of EMV contact smart cards
- Visa
- MasterCard
- American Express
- Interac
- Canadian Payments Association
- Canadian Bankers Association
- Rogers Communications
- Gemalto
- G&D
- Sagem Orga
- Oberthur CS
- Mondex
- EMVCo
- Federal Government of Canada
- Bank of Canada
- Acxys
- Bank of Montreal
- Scotiabank
- TD Canada Trust
- CIBC
- Royal Bank of Canada
- MBNA
- Bell Canada
- Wireless Payment Services
- TELUS Mobility
- Dexit
- RCMP
- Moneris Solutions
- Chase Paymentech
- PetroCanada
- Imperial Oil (Esso)
- Tim Hortons
- Kelsey's
- Metaca
- TEDCO
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