Having belatedly debuted many years after Europe, Europay, MasterCard and Visa or EMV chip card technology is finally gaining traction in the US, according to the latest EMV Migration Tracker issued by CardFlight, a mobile point of sale (POS) technology provider.
In February this year 56% percent of cards in use in February contained EMV chips, up from 46% last October. American Express leads the way in EMV chip card usage, with over 88% of their cards containing EMV chips. California, Florida and Arizona lead the way in EMV issuance, with over 60% of cards in use in those states containing EMV chips.
“Some industry verticals see at least 75% of cards presented containing EMV chips, putting those merchants at highest risk for EMV-related chargebacks if they have not upgraded,” commented CardFlight.
While EMV chip card technology has been implemented in Europe and other parts of the world for more than a decade, the rollout of EMV in the US has speeded up more recently, with a liability shift introduced last October. Since October 1 2015, merchants who have not upgraded to accept EMV chip card transactions can become liable for counterfeit card fraud losses that occur at their stores with chip-enabled cards.
“Migrating to EMV chip card technology gives us a more secure system that will significantly reduce fraudulent charges on card present purchases,” said Derek Webster, chief executive officer (CEO) and founder of CardFlight. “The latest version of the Tracker shows that the adoption of EMV technology in the US is accelerating.”
Deutsche Bank plans to partner with fintechs that have complementary business models, rather than buying out tech start-ups and competing in the market, bank executives said at press briefing this week. They also discussed future strategies for the technology, securities and payments spaces.
Criticisms of bitcoin by JP Morgan Chase’s boss have been denounced by a UK academic as “ironic” and “hardly surprising” considering the impact bitcoin could have on financial intermediaries.
Leaked documents from the UK Home Office proposing that low-skilled EU migrants would be restricted in the UK’s post-Brexit immigration scheme may be more likely to increase automation and off-shoring of labour, rather than increase British wages, industry experts have warned.
The “sad truth” of banking is that many jobs will be automated in the future, Deutsche Bank's chief executive said yesterday. Despite this, a recent survey found that 98% of European workers are optimistic about the changes automation will bring to their workplace.