EMV in the Hospitality Industry

The hospitality industry is in a unique position because it is more likely to experience international transactions than many other industries are. This makes EMV compliance a more appealing prospect for several reasons.

EMV as an international standard

EMV is already the standard for the major nations except for the U.S., so it is a reliable means of gauging and interacting with an international consumer base. Because hospitality businesses receive travelers from these other nations, it is advantageous for them to operate on the same payment standard.

EMV compliance would allow international travelers to use their EMV smart chip cards in U.S. hospitality businesses. This helps to establish peace of mind and trust with the consumer because it is an implementation of a standard he or she already trusts. Additionally, it opens the door to further spending. Travelers may be inclined to save money when they rely upon a travel card to handle expenses. By making your payment system compatible with their major cards, you allow them to explore options they may have been hesitant to consider if they were tied to a limited pool of funds.

Opportunity for payment app integration

EMV terminals are, by default, NFC-compatible because contactless payments depend upon NFC technology. EMV compliance in the hospitality industry would open the door for interaction with mobile wallets not only for payment, but also for hotel and restaurant locators, travel services, and other features. This opportunity does require some investment in order to produce and support the app (or to join an existing app), but it also represents potential gain for businesses looking to expand to tech-savvy customers.

Fraud liability shift

Although this benefit applies broadly to any business that becomes EMV-compliant, the hospitality industry may experience greater benefit because of the added difficulty of dealing with international players in the event of fraud. Adhering to a global payment security standard would alleviate the concern and allow the hospitality business to focus on operations rather than liability.

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