EMV Proponents Claim Progress in Payment Card Upgrades
NEWS ANALYSIS: The latest news in secure payments is that customers are getting chip cards, but progress in the conversion to chip-enabled cards remains uneven.The good news for companies that accept credit cards is that some clarity is beginning to emerge about the transition to a more secure card payment system in the United States. The latest developments include an increasingly growing universe of secure payment cards making their way to customers throughout the country. Other good news may also include the growing ability of businesses to begin accepting secure payment cards, but exactly how much progress has been made in this area remains a bit uncertain. A press briefing held Feb. 3 during the 2015 Smart Card Alliance Payments Summit in Salt Lake City provided hope in the form of an announcement that about half of all credit cards will have embedded EMV chips by the time merchants are supposed to start accepting them on Oct. 1, 2015. Likewise, about half of all credit card terminals that accept those EMV chips are expected to be up and running at the same time. This estimate is somewhat different from when the same group estimated more 70 percent penetration last year. The Smart Card Alliance, which works with EMVCo to set standards and foster adoption of EMV chip-based cards, sponsored the briefing.
It was conducted by representatives of American Express, MasterCard and Visa. EMV stands for Europay, MasterCard and Visa, which are three of the card issuers that use the chips to help combat fraud.