October 1, 2015 marks an important milestone for anyone using or accepting cards in the United States. Known as the EMV liability shift (EMV is an acronym for Europay, MasterCard, Visa), it’s a deadline that’s fueling the replacement of magnetic stripe cards for more secure, globally accepted smart chip cards in the U.S. by shifting the liability for fraudulent transactions from financial institutions to the merchants that continue to accept them. So what does all this mean for global study patient reimbursement programs?
As it stands, the majority of patient reimbursement card programs rely on the soon-to-be-outdated magnetic stripe technology. While experts agree that the shift to EMV in the U.S. will take some time, smart chip cards are vastly preferred abroad. Making the switch to EMV reimbursement cards not only satisfies the need for consistency in global patient reimbursement, but also provides sponsors and CROs with an option that will be viable for years to come.
Ensuring that patients have access to their reimbursement funds when and where they need them – without the fear of being turned away at point of purchase – is more than the right thing to do. It’s an important part of patient retention and ensuring broader patient centricity.
That’s why we’re excited to announce the availability of our RSG Card Global Patient Reimbsement Program with smart chip-enabled cards.
Download our free eBook, The Impact of EMV and Smart Chip Technology on Global Patient Reimbursement for Clinical Trials today to learn more.