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Chip migration going slowly
Published:
July 30, 2015 Forbes predicts $10 billion in losses to fraud unless the U.S. payments industry speeds the transition to chip cards before the end of 2015.
With an October 2015 deadline looming, payment-services provider TSYS estimates only 47 percent of its direct terminal base is chip-capable.
Other countries that have implemented EMV cards could serve as an example in favor of adoption. Canada’s fraud rate dropped 79 percent; the U.K. showed a 75 percent decline in fraud during the same four-year period. TSYS estimates that 80 percent of its clients will be issuing chip cards by the end of the year, but that less than 60 percent of point-of-sale locations will be chip-enabled before 2016.
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