Group Predicts Fivefold EMV Increase
An industry group representing various EMV stakeholders estimates that another 100 million EMV-enabled cards will be issued over the next year.
EMV-enabled cards have a computer chip installed that conforms to the EMV standard for payment card chips.
The EMV Migration Forum is a cross-industry group that includes card processors, payment networks, merchants and consumer organizations. It was created to support migration from magnetic stripe cards in the U.S. to EMV-enabled cards.
"In the last few months we have seen a dramatic shift in the interest and understanding of the benefits that EMV chip cards provide, particularly in helping to lessen the impacts of payment data breaches and to prevent counterfeit card fraud. As a result, the U.S. migration is accelerating and there is a refreshed urgency in resolving issues and moving forward as quickly as possible," said Randy Vanderhoof, director of the EMV Migration Forum.
"Given the commitment and work of our membership and the recent progress in resolving debit challenges, I think in the next year we could see a hundred million or more chip cards issued and more than double the number of installed terminals,” he continued.
Founded in 2012, the forum has established working groups that bring industry stakeholders together to work on migration solutions, addressing topics like EMV-enabled debit cards and readers, EMV-enabled ATMs, EMV-enabled card testing and terminal certification and fraud issues.