The U.S. Payments Forum released new data on the state of the EMV migration. You may recall the U.S. Payments Forum by their old name, EMV Migration Forum. These stats are across network brands and include both debit and credit card statistic
Today, approximately a third of U.S. merchants are enabled to accept chip cards1, and about three quarters of consumers have at least one chip card in their wallet2. As more payment acceptance points, such as in-store point-of-sale terminals, ATMs and automated fuel dispensers become enabled for EMV, fewer opportunities for counterfeit card fraud, the largest source of in-store card fraud in the U.S.3, will remain.
Although fewer opportunities for counterfeit fraud will be available, the persistence of the magnetic stripe still offers plenty of options for criminals, particularly online. With this in mind, the Forum has also included a review of their upcoming priorities to solve for the gaps and also tackles other payments related initiatives beyond the chip:
“…other priorities for the organization in the upcoming months beyond those directly involving EMV will include discussions and additional Forum work group activities addressing new and emerging payments technologies in the U.S., such as tokenization, mobile and contactless payments, card-not-present transactions, point-to-point encryption, and others.”
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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