For Secure Card Payments, the Shift to EMV Accelerates


With recent high-profile breaches at major retailers, the spotlight is on the shift from magnetic stripe card technology to chip-based cards using Europay-MasterCard-Visa (EMVTM) specifications. As issuers begin to move to mainstream EMV cards, a financial services evolution is taking place – one that will undoubtedly take less than the 27 years it took to reach 100 million magnetic stripe cards users, thanks to the ever-increasing pace of technological innovation.

Currently, only 1.5 percent of all credit, debit and prepaid cards use EMV and just 10 percent of point-of-sale hardware is EMV-capable, according to Javelin Strategy & Research. By the end of 2015, Javelin predicts that 29 percent of all U.S. credit cards – and 17 percent of debit and prepaid cards – will include chip-based EMV technology. Penetration is expected to reach 96 percent of credit cards and 98 percent of debit and prepaid cards by late 2018.

Successfully navigating the complex transition to EMV technology involves consideration of many factors, from plastic procurement and personalization of the card, to transaction processing, risk management, and even consumer and staff education. With fraud liability shifts and crucial industry deadlines looming, the pace of EMV implementation is quickening.

In this Boardroom Series session, Allison Edwards, director of product management, Card Services, Fiserv, discusses the factors driving the move to EMV, the transition timeline for your card and ATM programs, and the actions financial institutions should already be taking to ensure a smooth transition.

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