“All these backroom boys agreed on something and missed one thing — what does the consumer want to do,” Khosla said in answer to a question about the introduction of EMV in the US.
“The EMV experience for the consumer is not a great one. What do I want to do? If I’ve got my Apple Watch or my Jawbone band, I want to walk up and just pay with it. That’s NFC, not EMV. I suspect there’s a reasonably high percentage that EMV, in three to five years, will become irrelevant and NFC will take over.”
“It does everything EMV can do, the user experience is much better [and] the merchants, it’s much better for them,” Khosla added. “That’s a surprising prediction.”