Who really pays when it comes to EMV?
CUNA reported earlier this year that 36% of credit unions don’t anticipate full EMV functionality until at least the end of 2016. CUNA also noted “Nearly six in 10 credit unions will rely on a rolling reissue as magnetic stripe cards expire, while 27% elect for a complete, simultaneous reissue. Only 7% of credit unions have no plans to convert to EMV.” The Credit Union Times ran a recent survey, in conjunction with CSCU, which found 78% of credit unions have yet to implement EMV cards as of November 19, 2015.
We are past the October 1 deadline set by Europay, MasterCard and Visa and the real costs of the EMV liability shift are beginning to come into focus.
This shift has not been cheap, and credit unions have spent a lot of money on issuing new cards. Merchants have also had to ‘fork’ over money for new card readers, which has led to new tensions between merchants and financial institutions over the cost of the transition.continue reading »