575 Million EMV Cards by End of 2015, Says Group (Aug. 14, 2014)
More than 575 million payment cards in the U.S. will be equipped with EMV chip security technology by the end of 2015, according to the latest projections from an industry group managing EMV implementation. The Payments Security Task Force (PST) canvassed nine of the biggest U.S. card issuers among its members, including Bank of America, Citi, Discover and U.S. Bank, to gauge the progress of the switch to EMV ahead of the fraud liability shifts to be implemented by payments networks in October 2015.
The issuers estimated that by the end of next year, one in two of every payment card they issue will be EMV-equipped. “These numbers reflect the significant momentum behind the adoption of the EMV chip in the U.S.,” said Ryan McInerney, president, Visa Inc. “[The figures] represent real progress given the scale and complexity of this overall effort.”
While credit and debit cards are expected to comprise the majority of the first wave of EMV cards issued, early adopters in the prepaid industry are expected to begin issuing EMV cards during 2016, with GPR, travel and payroll among the prepaid segments likely to lead the way.
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