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, which outlined the current chip card climate and had more than 330 attendees.
CUNA will host a webinar on recent changes to EMV, the technological standard for chip credit and debit cards, Sept. 22 at 1 p.m. (CT). The webinar will be led by one of the participants in EMVCo, the consortium that manages the technology.
Major card networks have announced changes to their chargeback policies, with the changes becoming effective in the coming weeks. The changes come as a result of complaints of ballooning chargebacks stemming from EMV migration.
Only 38% of CUs anticipated their credit card program to comply by the EMV liability shift, according to CUNA’s 2015 Credit Card Survey, and 36% of CUs didn’t expect full EMV functionality until at least the end of 2016.
The NCUA’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.