Through these migrations, more than 80% of total Chase cardholder spending will be on chip-enabled cards. The bank is also upgrading its ATMs to accept chip cards.

Chase led the U.S. market in chip adoption when it was the first U.S. credit card issuer to issue chip-enabled cards on its J.P. Morgan Palladium and J.P. Morgan Select products in 2011. Today, Chase has more than 22 million chip-enabled cards in market.

Chase will continue to roll out chip technology for its consumer and business customers – including chip credit, debit and Chase Liquid® cards, as well as offering terminals that allow businesses to accept chip cards plus mobile wallets, contactless and the traditional swipe at the point-of-sale.

“Fraud and security threats facing consumer payments today is a complex issue that can’t be solved with any single technology,” said Gordon Smith, CEO of Chase Consumer and Community Banking. “We’re working to employ a variety of approaches to protect our customers – adopting chip technology is a critical step on this journey.”

Educating and protecting consumers

According to a recent survey commissioned by Chase, 80 percent of consumers are concerned about the security of debit and credit card transactions, yet 65 percent have not heard of chip technology, highlighting the need for additional education.

Customers who do not already have a Chase chip debit or Liquid card will receive one in the mail during the next 12 months. Chase already embeds chips into most of its new credit card products and plans to have the majority of its credit cards chip-enabled by the end of the year. All Chase cards also come with zero fraud liability protection against unauthorized use for cardholders.

Benefits of a Chase chip credit, debit or Liquid card

Added security. The new cards have an embedded chip that adds another layer of security during a chip transaction by producing a single-use code to validate the transaction – making it more difficult to steal and counterfeit the information. In addition to having an embedded chip, the cards will continue to have magnetic strips on them for use at merchants that haven’t yet transitioned to chip card readers. This allows customers to continue using their card at any merchant or ATM.
Wider acceptance. Customers can also use their chip cards when traveling internationally at chip-enabled readers, which are standard in most other countries.
Preparing businesses to accept chip transactions

Among those surveyed who understand the purpose of EMV, three in four (76%) believe the technology will help small businesses by preventing fraud. Additionally, Visa forecasts show that roughly 50% of businesses will be chip-enabled by year-end.

Since 2012, Chase has been helping U.S. businesses prepare for the future by offering point-of-sale terminals that securely accept chip cards and other forms of payment.

Chase’s terminals allow businesses to accept chip cards, mobile payments, near field communication (NFC) and other forms of contactless payments.
Beginning later this year, Chase Mobile Checkout will give businesses the ability to accept EMV chip credit and signature debit card payments by using an encrypted card reader on their smartphone or tablet.
Chase recommends businesses’ update their point-of-sale terminals to be able to accept all types of payment methods.
Chase, as part of the Payment Security Taskforce (PST) and EMV Migration Forum, helped develop and launch GoChipCard.com to provide easy-to-use and simple resources about chip cards for U.S. consumers and businesses.