Credit Card Issuers Not Ready for EMV Either
A press release from MasterCard this morning says that only 40% of their issued cards have chips for EMV.
The tone of the release, in our humble opinion, is designed to put a positive spin on otherwise dismal news. And, the statement that only 26% of merchants are ready is perhaps the lowest quote I have seen and seems included to portray card issuers in a more positive light-, as in, we’re more ready than the merchants. Disappointing in the max!
Below is the release – source: MasterCard.com.
40 Percent of Credit Cards With Chip Show Migration Well Underway
Purchase, NY, September 30, 2015 — With just hours before the October 1 liability shift, new data from MasterCard reveals that 40 percent of all U.S. MasterCard-branded consumer credit cards feature EMV chip technology. According to a Payments Security Task Force forecast announced earlier today, the number of chip cards in the U.S. will to grow to 60 percent by the end of this year, expanding to 98 percent by the end of 2017. “The data proves that the shift to chip in the U.S. is a reality. We’re incredibly encouraged by the tremendous progress across the industry, knowing that consumers are ultimately the ones who will win,” said Chris McWilton, president, North America Markets, MasterCard. Not only are consumers beginning to carry chip cards in their wallets, they are able to use them at more and more merchants around the country. The company reported tens of millions of chip transactions in September alone at the more than 350,000 national merchant locations accepting the new cards.
One-quarter (26 percent) of national and regional merchants – stores and restaurants with multiple locations – have started to accept chip cards.
“Consumers are ready for the new chip cards. In fact, 75 percent of cardholders agree the increased security of the chip cards greatly reduces the ability for thieves to copy or use their cards for unauthorized purchases,” said McWilton.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.
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