Khosla predicts NFC will replace EMV cards in three to five years

EMV will become irrelevant in three to five years’ time and NFC will take over, Khosla Ventures founder Vinod Khosla has told attendees during a keynote at Money20/20.

Vinod Khosla
VINOD KHOSLA: Surprising prediction

“All these backroom boys agreed on something and missed one thing — what does the consumer want to do,” Khosla said in answer to a question about the introduction of EMV in the US.

“The EMV experience for the consumer is not a great one. What do I want to do? If I’ve got my Apple Watch or my Jawbone band, I want to walk up and just pay with it. That’s NFC, not EMV. I suspect there’s a reasonably high percentage that EMV, in three to five years, will become irrelevant and NFC will take over.”

“It does everything EMV can do, the user experience is much better [and] the merchants, it’s much better for them,” Khosla added. “That’s a surprising prediction.”