|[August 13, 2014]
More Than 575 Million U.S. Payment Cards to Feature Chip Security in 2015
NEW YORK --(Business Wire)--
The Payments Security Task Force (PST) today provided an update on its
discussions and activities since its inception. The task force, which
represents a diverse group of U.S. electronic payment industry players,
has initially focused on continuing the momentum of EMV chip
implementation in the United States.
In a recent forecast, nine of the country's largest payment card issuers
who participate in the task force estimate that they will have issued
more than 575 million chip-enabled payment cards by the end of 2015. The
participating issuers include Bank of America, Capital One (News - Alert), Chase, Citi,
Discover, Independent Community Bankers of America (representing issuing
members), Navy Federal Credit Union, US Bank and Wells Fargo & Company.
"These numbers reflect the significant momentum behind the adoption of
EMV chip in the United States," said Ryan McInerney, president of Visa
Inc. "By the end of next year, these issuers estimate that one in two of
their U.S. payment cards will be chip-enabled, which represents real
progress given the scale and complexity of this overall effort."
The task force plans to update the issuer forecast regularly and expand
it to include acquirer and merchant perspectives on EMV chip
"The move toward enhanced security for cardholders and merchants is real
and tangible," said Chris McWilton, president, North American Markets,
MasterCard (News - Alert). "We're gining alignment around the most significant
challenges where the industry needs to have a common foundation."
To promote EMV chip adoption, the task force is working to identify best
practices around merchant testing and certification to help
significantly reduce the testing and implementation time.
"The pace of EMV adoption is rapidly accelerating with many institutions
already issuing EMV chip cards, and even more coming onboard every
month," said Guy Chiarello, president, First Data. "First Data is
strongly encouraging all institutions to launch their EMV plans
immediately, and not wait for the October 2015 liability shift. Issuing
EMV now will benefit consumers by making the most secure payment card
available sooner, while reducing fraud losses and enhancing payments
system security for all."
"Global Payments is at the forefront of enhancing security for our
customers," said Jeff Sloan, Chief Executive Officer, Global Payments
Inc. "Having implemented EMV in many other markets around the world, we
have in-depth experience in managing the complexity of an ever changing
dynamic payments ecosystem. We encourage early adoption of EMV by our
Among the next priorities for the task force is identifying an
actionable, long-term roadmap to deliver a consistent level of security
for payments in the digital and physical environments. Part of this will
include providing clarity around enhanced security solutions like
tokenization and point-to-point encryption.
"Community banks are nimble and able to move quickly on technological
advances once the business case for such changes are clear," said Camden
R. Fine, president and CEO, Independent Community Bankers of America.
"It's evident that EMV chip-based technology is an effective control
against card counterfeiting and an important step forward as community
banks plan ahead for our customers' security and ease of payment when
using cards to make a purchase."
About the Payments Security Task Force
The Payments Security Task Force was announced in March 2014 to drive
executive level discussion that will enhance payments system security.
The task force includes a diverse group of participants in the U.S.
electronic payments industry including payment networks, banks of
various sizes, credit unions, acquirers, retailers, point-of-sale device
manufacturers and industry trade groups.
Among the participants are Bank of America, Capital One, Chase, Citi,
Credit Union National Association, Discover, First Data, Global Payments
Inc., Independent Community Bankers of America, MasterCard, National
Association of Federal Credit Unions, Navy Federal Credit Union, Shell,
Subway, US Bank, VeriFone, Visa and Wells Fargo (News - Alert) & Company.
[ InfoTech Spotlight's Homepage ]