Half of all payment cards in the United States now have chips, an EMV expert told CUNA member credit unions during a free webinar Thursday. Brian Hamilton of VISA risk products outlined the current chip card climate and possibilities for the future in the webinar, which had more than 330 attendees.
CUNA brought Hamilton in to address member credit unions, many who are issuers of EMV chip cards. The cards help protect consumer data more than a magnetic stripe, and the technology led to a liability shift on October 2015. The shift makes it so that the party with the least amount of security is responsible for the costs of card-present fraud.
According to Hamilton, there are currently 176 million Visa-issued credit cards (a 3% increase from July) and 187 million Visa-issued EMV debit cards (a 7% increase from July). Approximately 29.8% of transactions use a chip-enabled credit card, and 13.8% use a chip-enabled debit card.
An archived version will be available shortly to CUNA members.