## 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
---
{"metaMigratedAt":"2023-06-16T13:03:24.569Z","metaMigratedFrom":"YAML","title":"Crypto-EMV Feasibility Study","breaks":"true","description":"EthLisbon Hack","contributors":"[{\"id\":\"e0ee0122-fc69-485f-8a89-fb012ea79406\",\"add\":5046,\"del\":2814}]"}