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47 Percent of Merchant Terminals EMV-Ready by End of 2015
Tuesday, October 21, 2014 6:05 AM

The Payments Security Task Force (PST) has estimated that at least 47 percent of merchant terminals in the U.S. will be enabled with EMV chip technology by the end of 2015. Their estimate is based on forecasts from entities representing approximately 80 percent of all U.S. purchase volume, including First Data, Bank of America Merchant Services, Citi, Chase Paymentech, Vantiv, Elavon, Wells Fargo, and Global Payments.

 

As a member of the PST, Credit Union National Association Deputy General Counsel Mary Dunn said the collaborative efforts were encouraging. She added, however, "It must be a high priority for the PST to focus on a long-term strategy to secure payments across all entities."

This news comes as President Barack Obama issued an executive order directing both payment terminals and payment cards to employ chip-and-PIN technology like EMV. Starting Jan. 1, all cards issued through the General Services Administration are mandated to contain additional security features.

In August, card issuers estimated more than 575 million EMV chip-enabled cards, which are more secure than the current magnetic strips on most credit and debit cards, would be issued by the end of 2015