NEW YORK—Momentum for the U.S. conversion to EMV is picking up, according to a new report.
The Payments Security Task Force (PST) stated that eight major financial institutions, representing approximately 50% of the total U.S. payment card volume, estimate that 63% of their credit and debit cards will contain EMV chips by the end of this year, expanding to 98% by the end of 2017.
October 2015 is the liability shift deadline set by Visa and MasterCard.
The PST noted that the responses from the major card issuers shows stronger attention to the liability shift deadline than what was seen in August of 2014.
“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, in a release. “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.”
A similar survey of acquirers participating in the PST reinforces the November 2014 forecast that at least 47% of U.S. merchant terminals will be enabled for EMV chip technology by the end of 2015.