EMV Shift Completion Expected in 2017
A payments industry task force said today that eight major financial institutions expect 63% of their credit and debit cards to have EMV chips by the end of 2015 and virtually all of their cards – 98% – to have the chips by the end of 2017.
The institutions represent about 50% of all U.S. payment card volume, according to the Payments Security Task Force, which made the announcement.
CUNA, NAFCU, American Express, Bank of America, Capital One, Chase, Citi, Discover, First Data, Global Payments Inc., Kroger, Marriott, MasterCard, Navy Federal Credit Union, Sheetz, Shell, Subway, US Bank (Elavon), Vantiv, Verifone, Visa Inc., Walgreens and Wells Fargo & Company are members of the task force, which formed in 2014.
“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 U.S.,” Chris McWilton, president of North America markets at MasterCard, which is part of the Payments Security Task Force, said.
In November 2014, the task force predicted that at least 47% of U.S. merchant terminals will be enabled for EMV chip technology by the end of this year.
Back in August 2014, the task force predicted that nine of the task force’s largest payment card retailers estimated they will have issued more than 575 million EMV cards by the end of 2015. They were Bank of America, Capital One, Chase, Citi, Discover, Independent Community Bankers of America (representing issuing members), Navy Federal Credit Union, US Bank and Wells Fargo & Company.
The task force recently joined with the EMV Migration Forum to launch GoChipCard.com, which is an EMV education site for consumers and merchants.