This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

More Than 575 Million U.S. Payment Cards To Feature Chip Security In 2015

Stocks in this article: V

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, 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 terminalization.

“The move toward enhanced security for cardholders and merchants is real and tangible,” said Chris McWilton, president, North American Markets, MasterCard. “We’re gaining 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.”

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs