STRATEGIC PARTNERS
A new survey by the Payments Security Taskforce indicates accelerating momentum in the shift toward EMV technology.
May 4, 2015
Eight financial institutions, representing approximately 50 percent of U.S. payment card volume, estimate that 63 percent of their credit and debit cards will contain EMV chips by the end of this year, according to a press release from the Payments Security Taskforce. Further, the FIs say they expect this number to increase to 98 percent by the end of 2017.
"The industry is delivering on its commitment to continue to provide a secure and convenient way to pay," said Chris McWilton, president of North America Markets at MasterCard. "These numbers show real movement from plans to action as issuers, merchants and others in the payments system engage collaboratively to bring chip cards to the U.S."
A survey of acquirers in the Payments Security Task Force reinforces a November 2014 forecast that at least 47 percent of U.S. merchant terminals will be enabled for EMV chip technology by the end of 2015.
The PST recently joined with the EMV Migration Forum to launch GoChipCard.com to provide easy-to-use and simple resources about chip cards for U.S. consumers and merchants.
"Those in the payments ecosystem have a shared responsibility to collaborate on ways to enhance payments security," said Ryan McInerney, president of Visa Inc. "Through cross-industry collaboration, the PST has developed tools to support the migration to chip, including a program designed to help streamline the EMV testing and certification process, and a consumer education website."
The Payments Security Task Force will continue to support industry efforts outlined in the white paper, "U.S. Payments Security Evolution and Strategic Road Map." The document explains how tokenization and point-to-point encryption, combined with chip technology, can protect the payment ecosystem from fraud.
Taskforce participants include American Express, Bank of America, Capital One, Chase, Citi, Credit Union National Association, Discover, First Data, Global Payments Inc., Kroger, National Association of Federal Credit Unions, Marriott, MasterCard, Navy Federal Credit Union, Sheetz, Shell, Subway, US Bank (Elavon), Vantiv, Verifone, Visa Inc., Walgreens, and Wells Fargo & Co.
