## Crypto-EMV Feasibility Study Can we bring crypto to retail payments? @wemeetagain https://hackmd.io/@wemeetagain/SJFdFxz8F?type=slide#/ --- ## Vision * What if retail payments used crypto payment rails instead of the Visa network? * What if the crypto payment UX was exactly the same as the Visa credit/debit card UX? --- ## Hackathon Goal * Is it feasible to hack existing credit card infrastructure to use crypto payment rails? * What would it look like? What are the blockers? What are the open questions? * Condense online resources. Pave the way for future implementation. --- ## Background * Retail payments use an open standard: EMV * EMV is: * Eurocard Mastercard Visa * Global * Open (ish) * Contact & Contactless --- ## Background * EMV builds off of ISO 7816 - Smart cards! * A Smart card: * Has a memory, a microcontroller, crypto hardware * Can cryptographically sign & verify messages * Usually programmed with JavaCard --- ## Crypto x EMV * EMV flow can be simplified * Static card authentication * Online-only payment * Acquirer & Issuer roles are redefined --- ## Consumer Concerns * Security: * Store private key on smart card * Theft & loss: Instant settlement is high-stakes * Use smart contract wallet * Use PIN * Cost & speed: Txs must be cheap & fast * Use payment-optimized L2 --- ## Merchant Concerns * Stability: * Settle in stablecoin * Slow settlement: * Settle instantly or better than competition * Fraud: * Only need to worry about double-spend --- ## Business Ideas * Issuer can run L2 sequencer * Acquirer can yield-farm before settlement * Issuer + Acquirer Consolidation / DAO? --- ## Open Issues * Mostly practical / business, not technical * Issuer+Acquirer: Card + Point of Sale Certifications * Cost bigly * Acquirer: Card / Point of Sale / Payment integration * Hard to coordinate wide rollout * Must partner with existing PoS manufacturers & acquirers --- ## Thanks More Notes: https://hackmd.io/LEz-SSsPTQ6S84jxXoa4dg https://hackmd.io/sYjYmEA6RH2-07tYnMqhNA ---