The migration to chip-based cards using the EMV specifications has captured the attention of the U.S. card market, due to high-profile breaches and a looming liability shift from Visa® and MasterCard® for certain types of card fraud.

Although there is a growing urgency among financial institutions, much work remains to navigate the complex transition to EMV technology.

As financial institutions work to deliver EMV technology to their cardholders, many decisions must be made, including how and when magnetic stripe cards will be replaced with chip-enabled cards. Fiserv found that 63 percent of financial institutions plan to migrate their entire debit card portfolio to EMV chip-based cards, while just 3 percent plan to reissue EMV debit cards for select segments, such as international travelers. Twenty-eight percent are undecided about the comprehensive nature of their migration, which points to the need for guidance and direction from processors.

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