Estimates from nine major banks in the Payments Security Task Force indicate significant momentum behind the adoption of EMV-enabled chip cards in the US, Visa says.
August 13, 2014
Nine of the country’s largest payment card issuers estimate that they will have issued more than 575 million chip-enabled cards by the end of 2015.
The issuers are members of the Payments Security Task Force, which was launched in March by Master Card and Visa as a means to drive executive-level discussion about improvements to payment systems security.
Issuing members include Bank of America, Capital One, Chase, Citi, Discover, Independent Community Bankers of America (on behalf of card issuing members), Navy Federal Credit Union, US Bank, and Wells Fargo & Co.
“These numbers reflect the significant momentum behind the adoption of EMV chip in the United States,” said Ryan McInerney, president of Visa Inc. “By the end of next year, these issuers estimate that one in two of their U.S. payment cards will be chip-enabled, which represents real progress given the scale and complexity of this overall effort.”
The task force plans to update the issuer forecast regularly and expand it to include acquirer and merchant perspectives on EMV chip terminalization.
Among the next priorities for the task force is to develop a long-term roadmap for the delivery of a consistent level of payment security in the digital and physical environments through security solutions such as tokenization and point-to-point encryption.
In addition to card-issuing FIs, the taskforce includes Credit Union National Association, Discover, First Data, Global Payments Inc., MasterCard, National Association of Federal Credit Unions, Shell, Subway, VeriFone and Visa.