EMV will become irrelevant in three to five years’ time and NFC will take over, Khosla Ventures founder Vinod Khosla has told attendees during a keynote at Money20/20.
“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.”
NFC is just the communication channel, you still need EMV for the security part.
Yup, technically different layers like you say, but I think in this instance Mr K used the term “EMV” to refer to chip and pin/sig cards.
Hmm, who am I to doubt the super successful Mr. Khosla…but it sounds likes crazy talk. It’s true that adoption of something entirely new can be rapid (e.g. Facebook); but change, especially when it’s dependent on physical stuff (i.e. NFC devices) is always painfully slow. 3-5 years – no way. 10 – yeah maybe; but then NFC will be very old (it’s already old).