Eight financial institutions reported that 30% of their U.S. consumer credit and debit cards contain EMV chips as of June 30. These issuers represent approximately 50%of U.S. payment card volume.
The Payments Security Task Force (PST) shared the latest in a series of updates from payment card issuers, acquirers, and merchants on the U.S. move to chip technology.
According to the forecast, the number of chip cards in the U.S. from these issuers will to grow to 60% by the end of this year, expanding to 98% by the end of 2017.
A survey of PST acquirers estimates that approximately 40% of their terminals will be capable of accepting chip cards by the end of the year.
The Payments Security Task Force was formed in early 2014 to drive executive-level discussion for the purpose of enhancing payments system security. The Task Force includes a diverse group of participants in the U.S. electronic payments industry, including payment networks, banks of various sizes, credit unions, acquirers, retailers, point-of-sale device manufacturers and industry trade groups.
For data, background and forecasts on EMV: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).