Despite the costs and embarrassment of card data security breaches, a looming liability deadline remains the most potent prod forcing card issuers and retailers to adopt new EMV technology, according to a leading payments executive.
Randy Vanderhoof, executive director of the Smart Card Alliance, an association created to develop and promote the usage of EMV chip cards in the U.S., said a recent FBI report on threats to card data security should spur both card issuers and retailers to adopt the new technology.
But Vanderhoof remained uncertain if continued breaches would be enough to break the logjam between issuers and retailers on EMV adoption.
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