EMV Makes Strides in 2013
Dec. 30, 2013
During the Christmas week, a report from the EMV Migration Forum and its Working Committees reported some of the significant milestones achieved in this year moving the U.S. toward implementation of the EMV standard. The Princeton Junction, N.J.-based group, composed of representatives from various industries affected, said acquirers appear to have met their 2013 deadline for EMV readiness, ATM manufacturers have started deploying EMV-enabled machines and issuers have distributed millions of chip debit and credit cards to consumers.
The organization also said it continues to examine solutions to the inevitable rise in card-not-present fraud that other countries moving to EMV have reported. The Card-Not-Present Fraud Working Committee said it will lean on best practices developed in those other markets to formulate a coherent strategy for merchants, banks and payment providers.
“Though the U.S. has a complex payments ecosystem and faces ongoing regulatory uncertainties concerning debit, EMV Migration Forum members are committed to advancing U.S. EMV migration and achieving the technology’s benefits—reducing fraud, promoting global interoperability and providing a path to future payments innovation,” said Randy Vanderhoof, director of the EMV Migration Forum. “While the U.S. still has challenges to address, real progress has been made in our migration.”