Most EMV conversion to be completed in next two years
by: Brandon Kuehl
The Payments Security Task Force (PST) recently provided an update on financial institutions’ (FIs’) EMV chip credit and debit card issuance plans.
A group of eight large FIs, representing some 50 percent of the total U.S. payment card volume, estimates 63 percent of their credit and debit cards will contain EMV chips by the end of 2015. That number is predicted to increase to 98 percent by the end of 2017.
A similar survey of acquirers participating in the PST supports the November 2014 forecast that at least 47 percent of U.S. merchant terminals will be enabled for EMV chip technology by the end of this year.
“The industry is delivering on its commitment to continue to provide a secure and convenient way to pay,” MasterCard North America Market President Chris McWilton said in a press release.
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