Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Forecast For EMV Conversion

Forecast For EMV Conversion

By
Add to Favorites:

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.

Add to Favorites:

Related News:

MasterCard Helps Small Businesses Moving Toward EMV Technology

By Dar Dowling, Posted: May 08, 2015

MasterCard has rolled out its 360° campaign designed to give small businesses a leg up when it comes to preparing for the EMV and chip card technology conversion. Continue reading
MasterPass Boosts Online and App Security

By Dar Dowling, Posted: November 05, 2015

With data and cybersecurity on people's minds more than ever, MasterCard has announced that Masterpass, its digital wallet, will be outfitted with MasterCard Digital Enablement Service (MDES) in order to make it totally tokenized. Continue reading
MasterCard is Going Biometric with Corporate Cards

By Dar Dowling, Posted: April 12, 2016

Back to the future is here or at least it is when it comes to corporate credit cards, with MasterCard teaming up with BMO Financial Group to roll out the first biometric corporate credit card program. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit