WASHINGTON—Forty-seven percent of U.S. merchant terminals will be EMV enabled by the end of 2015, estimates the Payments Security Task Force (PST).
The PST forecast is based on 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, report CUNA and NAFCU, both PST members.
CUNA Deputy General Counsel Mary Dunn said it was encouraging to see the collaborative efforts, adding that it must be a high priority for the PST to focus on a long-term strategy to secure payments across all entities.
This summer, major U.S. card issuers estimated they would issue more than 575 million EMV cards by the close of 2015.
President Obama has signed an executive order aimed at speeding the adoption of EMV cards and reducing data breaches. The order directs government agencies to issue to employees chip-and-PIN credit and debit cards and to upgrade retail payment card terminals at agencies to accept the cards.
The use of EMV chip-and-PIN cards is part of a new White House program called BuySecure Initiative, which the administration says will help drive the market toward more secure payment systems.