Latin America's banks make EMV a priority

Latin America's banks make EMV a priority
Tags: Bank / Credit Union, Debit / Credit, EMV, Other, Trends / Statistics
May 3, 2006

ePaynews: Latin American countries are expected to spend more than U.S. $200 million on card technologies in 2006, 70 percent more than in 2004 and 2005. The goal: to complete EMV migration by 2008. Card fraud was cited as the catalyst for the banks to assess to migrate to EMV. Increased card-use in Latin America contributed to increases in fraud. At end-2005, the region's card penetration was almost 27 percent, up from 17 percent in 2000. In Brazil and Mexico, card penetration at the end of 2005 exceeded 30 percent.