The Payments Security Task Force (PST), which is comprised of eight top banks, released an update indicating that they are on target for completing EMV conversion for all credit and debit cards by the end of 2017.
“Those in the payments ecosystem have a shared responsibility to collaborate on ways to enhance payments security. Through cross-industry collaboration, the PST has developed tools to support the migration to chip including a program designed to help streamline the EMV testing and certification process and a consumer education website,” said Ryan McInerney, president of Visa Inc.
The Payments Security Task Force has partnered up with the EMV Migration Forum in order to rollout GoChipCard.com, a website designed to provide consumers and merchants with simple and easy to use information and tools they can use to learn more about the new chip based cards and technology.
The eight financial institutions in the task force make up about half of all the payment card volume in the U.S. The task force estimates that by the end of 2015 they will have 63 percent of their credit and debit cards outfitted with EMV chips, and that number jumps to 98% by the end of 2017.
It’s all about the chips
EMV conversion is seen as a way to protect consumers from identify theft and hacking events, like those that have plagued retailers over the last few years. The chip-based technology works by creating a one-time code for each and every transaction.
Since it is a code used only once it is virtually impossible for cyber criminals to steal people’s credit and debit card information.
“The industry is delivering on its commitment to continue to provide a secure and convenient way to pay,” said Chris McWilton, president, North America Markets, MasterCard. “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.”
The task force
The PST was launched in 2014 to address how to upgrade the security of payment systems, and is comprised of banks, retailers, payment networks, industry trade groups, point of sale device manufactures, credit unions, and acquirers.
The members include MasterCard, Citi, Credit Union National Association, American Express, Bank of America, Capital One, Chase, Discover, First Data, Global Payments Inc., Kroger, National Association of Federal Credit Unions, Marriott, Navy Federal Credit Union, Sheetz, Shell, Subway, US Bank (Elavon), Visa Inc., Walgreens, Wells Fargo & Company, Vantiv and Verifone.