The EMV standard impacts all stakeholders in the payments industry. This includes consumers, merchants and financial institutions (issuing banks and acquirers). Card issuers will have to replace their consumer’s traditional magnetic stripe with chip-based cards. Consumers will have to activate their new cards and learn the new payment process. Acquirers and payment processors will have to support EMV which means adding new in-store technology as well as internal processing systems, and complying with new liability rules.