A survey of the changing trends in the card payment industry has projected that approximately 800 million payment cards that include the debit and the credit cards are likely to have the EMV chips. For many people around the world, these Europay, MasterCard, Visa (EMV) debit and credit cards are not just a preference, they are basic requirement.
The increased levels of technical fraud that threaten the safety of people’s identities and expose merchants and clients to the risk of great financial losses has made the need for EMV cards even more urgent.
The promise to have debit and credit card issuers release about 150 million additional EMV chip cards into circulation by the end of this year comes as a great relief to high risk credit card processing agencies.
Europay, MasterCard and Visa chip embedded cards come fully enabled with a chip technology that help prevent credit card scam. These chips are secure because they cannot be duplicated. The EMV card has to be physically present any retail purchases to be processed. In order for a transaction to be completed, the cardholder must either provide their EMV card signature or enter their personal identification number depending on the type of security detail allowed with the particular card.
The survey conducted by the Payments Security Task Force (PST) has landed at an estimate of 63 percent of the total cards issued by eight different US financial institutions being expected to have the EMV chips embedded on them by the end of the current fiscal year.
This number represents approximately 50 percent of the United States volume of payment cards. This is not the first survey carried out by this poll firm. In another similar exercise carried out previously, the findings indicated that nine of the main card issuers had plans underway to release about 575 million Europay, MasterCard and Visa cards into circulation at the end of 2015. Now it remains to be seen whether these agencies will be able to beat the certification bottlenecks and hit this target come the end of the year.
For all your processing needs, contact HRG today!