WASHINGTON (10/20/14)--At least 47% of merchant terminals in the United States will be enabled with EMV chip technology by the end of 2015, according to the Payments Security Task Force (PST).
According to the PST, the estimate is based on forecasts from entities representing approximately 80% of all U.S. purchase volume, including First Data, Bank of America Merchant Services, Citi, Chase Paymentech, Vantiv, Elavon, Wells Fargo and Global Payments.
The Credit Union National Association is a member of the PST, and CUNA Deputy General Counsel Mary Dunn said it was encouraging to see the collaborative efforts. However, she also said that it must be a high priority for the PST to focus on a long-term strategy to secure payments across all entities.
President Barack Obama issued an executive order Friday 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.
According to the PST, card and terminal forecasts will be updated on a quarterly basis.