19 June 2018
Visit www.gemalto.com

US shift to EMV gathers momentum

04 May 2015  |  19151 views  |  1 US flag

America will have finally completed the shift to EMV chip cards by the end of 2017, according to a trade body set up to push the migration from magstripe plastic.

Visa and MasterCard set out a roadmap for the introduction of chip cards back in 2011, with liability for fraud-related losses switching to retailers that have not upgraded their hardware in October 2015.

According to the Payments Security Task Force (PST), a cross-industry group set up by the two card giants, momentum is building as that deadline looms. Last August PST members predicted that half of their card will be chip-enabled by the end of 2015, but the latest survey of eight issuers has pushed this up to 63%. By the end of 2017 the country is expected to hit 98%.

Chris McWilton, president, North America Markets, MasterCard, says: "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 US."

However, a similar push has not been seen among acquirers, with the latest PST estimates suggesting that 47% of merchant terminals will be enabled for EMV chip technology by the end of the year, unchanged from a November survey.

Meanwhile, Visa has launched an online toolkit designed to help business owners manage the move to EMV, providing a 10-step implementation guide, downloadable tools and resources, and a module to train employees on accepting chip cards at the point-of-sale.

Stephanie Ericksen, VP, risk products, Visa, says: "It is a priority to increase merchant awareness and understanding, given a liability shift in October 2015, after which merchants who are not ready to accept chip cards may be responsible for counterfeit fraud."
KeywordsEFTPOS

Comments: (1)

Julian Wilson
Julian Wilson - Propinquity BV - London 04 May, 2015, 21:01 ...by the end of 2017.?' Might there not be alternative means of maintaining systems of record and/or counter party ledgers by this time?
Be the first to give this comment the thumbs up 0 thumb ups!
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Contactless and US EMV adoption drives global smart card growth

Contactless and US EMV adoption drives global smart card growth

05 February 2015  |  10476 views  |  1 comments | 15 tweets | 6 linkedin
Half of US retailers unprepared for EMV migration deadline - survey

Half of US retailers unprepared for EMV migration deadline - survey

23 January 2015  |  12504 views  |  0 comments | 16 tweets | 20 linkedin
US migration to EMV gathers momentum

US migration to EMV gathers momentum

13 August 2014  |  11392 views  |  1 comments | 20 tweets | 18 linkedin
US banks going full-tilt for EMV in wake of Target breach

US banks going full-tilt for EMV in wake of Target breach

26 June 2014  |  11190 views  |  2 comments | 27 tweets | 11 linkedin
Visa and MasterCard agree US chip tech licensing deal to ease EMV migration

Visa and MasterCard agree US chip tech licensing deal to ease EMV migration

30 July 2013  |  11471 views  |  0 comments | 12 tweets | 5 linkedin
US chip card debate heats up

US chip card debate heats up

26 April 2013  |  15477 views  |  0 comments | 13 tweets | 7 linkedin
MasterCard joins push for US EMV switch

MasterCard joins push for US EMV switch

31 January 2012  |  11871 views  |  4 comments
Visa cites m-payments as it pushes US to EMV

Visa cites m-payments as it pushes US to EMV

09 August 2011  |  16898 views  |  1 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://info.nice.com/Visit iliad-solutions.com/

Who is commenting?

A Finextra member Finextra Member Commented on: BIS: Cryptocurrencies...
A Finextra member Finextra Member Commented on: BIS: Cryptocurrencies...
A Finextra member Finextra Member Commented on: Monzo launches bill tr...
A Finextra member Finextra Member Commented on: NatWest taps Open Bank...
A Finextra member Finextra Member Commented on: HSBC promises $17bn in...

Top topics

Most viewed Most shared
10,000 jobs could be lost to robots says Citi10,000 jobs could be lost to robots says C...
48825 views comments | 44 tweets | 35 linkedin
Ripple exec says DLT not ready for banks...yetRipple exec says DLT not ready for banks.....
10633 views comments | 9 tweets | 32 linkedin
UK launches £2.5bn startup initiativeUK launches £2.5bn startup initiative
9477 views comments | 30 tweets | 26 linkedin
HSBC promises $17bn investment in technologyHSBC promises $17bn investment in technolo...
8403 views comments | 8 tweets | 21 linkedin
Live: EBAday2018, day oneLive: EBAday2018, day one
8255 views comments | 6 tweets | 5 linkedin

Featured job

Find your next job